‹ Back to Track Record

Lumen

Albuquerque, NM

Lumen

Overview

Location

Albuquerque, NM

Acquired

2019

Units

280

Acquisition Price

$38,750,000

Capital

$16,000,000

Status

Holding

Mirabella Heights was built in 2003 on a 13+ acre site in the Sandia Heights district of Albuquerque. The property benefits from an irreplaceable location immediately adjacent to Sandia National Laboratories and is just three blocks from Sandia Science and Technology Park.

Though well-maintained by the previous owner, the property’s apartment interiors, exterior appearance and overall marketing presentation were outdated. Tired common areas and worn-out amenities no longer met the expectations of modern, upper-tier apartment renters. With thousands of high-salaried employees nearby, Mirabella was an ideal candidate for TMR’s strategic, repositioning program.

TMR plans to capture Mirabella’s incredible untapped potential with a $4,700,000+ renovation that will deliver high-quality, upscale rental product to the area’s high-wage demographic.  

‹ Back to Track Record