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Ottavo

Albuquerque, NM

Ottavo

Overview

Location

Albuquerque, NM

Acquired

2018

Units

200

Acquisition Price

$28,800,000

Capital

$10,400,000

Status

Holding

Originally named Presidio at Northeast Heights, this 200-unit apartment community enjoys outstanding street frontage on Eubank Boulevard in the N.E Heights district, considered by most to be Albuquerque’s best residential location. The property was built to Class A standards in 1992 by Trammel Crow, one of the nation’s top multifamily developers in the 1980’s and 90’s. At the time of TMR’s acquisition in 2018, Presidio’s apartment interiors and common facilities were many years overdue for replacement and modernization. In short, Presidio represented an ideal repositioning opportunity for TMR’s signature repositioning program.

Renamed Ottavo, shortly after renovations began, the property’s outstanding floor plans, expanded amenity package and beautifully renovated apartment interiors are achieving some of the highest rents in the submarket, while maintaining strong, occupancy. We have every confidence the property is on its way to recapturing its former prestige as one of Albuquerque’s top residential addresses.

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