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Barcelona Suites900 Louisiana Blvd.Albuquerque, NM 87110
CONFIDENTIALOffering Memorandum
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Paul YazbeckManaging PartnerPhone: 972.379.9844E-mail: [email protected]
Will ClarkeVice President Phone: 469.250.9714E-mail: [email protected]
Jonathan KrebbsManaging PartnerPhone: 972.379.9843E-mail: [email protected]
Chase DavisVice PresidentPhone: 972.465.9533E-mail: [email protected]
Please do not disturb management or visit the office without an appointment.
Chris SiemaskoSenior AdvisorPhone: 224.364.4058E-mail: [email protected]
Bryce SmithAdvisorPhone: 469.607.3837E-mail: [email protected]
The BlueprintLocation Overview ........................................4
Property Overview ........................................6
Area Attractions .............................................12
Rent Comparables ........................................20
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Location
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Barcelona Suites
Albuquerque
North Valley
North
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South Valley
Sandia Heights
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40
Property Overview
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Value-Add Opportunities
• Interior upgrade; new ownership can change flooring, appliances, and light fixtures to make Barcelona Suites a more luxurious hotel or a comfortable multifamily property
• Water conservation program; the water/sewer expense can be reduced through the installation of water saving devices such as low-flow toilets, shower heads and aerators
• Implement water and electric RUBs
Highlights
• Underground structured parking garage• Individual units equipped with kitchenettes and a separate bedroom • Conversion opportunity for multifamily, assisted, or senior living • Half a mile away from I-40, which provides quick and convenient access to downtown
Albuquerque, Texas, and Arizona • Opportunity to enter a steady multifamily market with strong demand and limited
development
Property Summary
Property Overview
Price $5,500,000
Units Free and Clear
Year Built 1983
Average Unit Size 593 SF
Electricity Property Pays
HVAC Central
Hot Water Boiler
Rental Rates
1 Bed $89.99/Night
2 Bed $99.99/Night
Jacuzzi $169.00/Night
The Multifamily Group is pleased to announce the opportunity to acquire Barcelona Suites, an extended stay hotel in Albuquerque, New Mexico. Built in 1983, Barcelona Suites is comprised of 163 rooms and located 5 miles from downtown.
All units feature 1 bedroom, 1 bathroom, and are equipped with a full kitchenette. The guests/tenants also enjoy indoor and outdoor pools, a spa, on-site laundry facility, business center, event center, high speed internet, and structured, secure underground parking.
An opportunity exists for new ownership to continue to operate the hotel, rebrand the hotel or reposition the property into multifamily, assisted or senior living. Currently 27 units are being used as long term tenant leases. Sales comps in immediate area average roughly $60,000/unit.
Barcelona Suites is situated in one of the premier retail districts of Albuquerque featuring upscale shopping, home furnishing, entertainment and dining known as ABQ Uptown. The property is also conveniently located 2 miles away from Interstate 40 (147,500 vpd), providing guests/tenants exceptional access to greater Albuquerque.
Property Details
98
Details
Price $5,500,000
Address 900 Louisiana Blvd NE
Albuquerque
Year Built 1983
Units 163
Net Rentable SF 96,634
Average Unit Size 593 SF
Site Size 2.79 Acres
Density 58.4 Units/Acre
Construction
Foundation Slab
Exterior Stucco
Roof TPO - (3) /Rolled Composition - (6)
Number of Buildings 9 Roofs/1 Building
Mechanical
HVAC Central
Hot Water Boiler
Wiring Copper
Plumbing Copper
Utilities
Electricity Property Pays
Water/Sewer Property Pays
Gas Property Pays
Cable/Internet Property Pays
Laundry / Washer and Dryers
Laundry On-Site
Tax Detail
Assessed Value $911,442
Other 4.80
Total 4.80%
Tax Information
County Bernalillo
CAD Account No. 101905801704030000
Tax Rate 4.80%
School Information
School District APS
Elementary Mark Twain
Middle School Hayes
High School Highland
Parking
Paving Structured - Below Grade
Open Spaces 4
Covered Spaces 240
Community Amenities
• Business center• High speed Internet• Indoor and outdoor pools and a spa• Guest laundry room • Meeting Space• Gated underground parking garage
Area Demographics
• Conveniently located just 3 miles away from the University of New Mexico, which is the largest university in New Mexico and the seventh largest employer in Albuquerque.
• Located just 20 minutes away from Kirkland Air Force Base, which employs over 23,000 people and is the second largest employer in Albuquerque.
• Barcelona Suites is just 1.5 miles from major entertainment and retail centers like Coronado Center and Uptown ABQ.
• Albuquerque is adjacent to several outdoor attractions including Petroglyph National Monument and Cibola National Forest.
• Barcelona Suites is located just fifteen minutes from Albuquerque International Sunport, the largest airport in New Mexico, with flights across the country and to Mexico
Unit Amenities
• Living room • Sleeper sofa• Galley kitchenette with a microwave and
refrigerator • Separate bedroom • Two televisions with cable and movie channels • Iron and ironing boards
Amenities
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Albuquerque
Area Attractions
1. Uptown ABQABQ Uptown is the perfect place to shop, walk, and eat in a just-right, outdoor environment. With approximately 220,000 square feet of retail shops, restaurants, ABQ Uptown has a unique mix of stores that create a completely new and refreshing shopping experience for the community and visitors.
2. NetflixIn October 2018, Netflix announced plans to acquire a 257,000-SF production facility from Albuquerque Studios in Mesa Del Sol. Over the next decade, the online entertainment provider estimates it will invest $1 billion for its productions in the state and create about 1,000 jobs annually. -- 20 min away
3. Sandia Peak TramwayA trip on the Sandia Peak Aerial Tramway transports you above deep canyons and breathtaking terrain. Visitors enjoy nature’s more dramatic beauty unfold before their eyes. vantage point from the observation deck atop 10,378 foot Sandia Peak in the Cibola National Forest affords an 11,000 square-mile panoramic view of the Rio Grande Valley and the Land of Enchantment.
4. Explora Science Center and Children's Museum of AlbuquerqueThe Albuquerque Biological Park (or Albuquerque BioPark) is an environmental museum located in Albuquerque, New Mexico. It contains four separate facilities including an Aquarium, Botanic Garden, Rio Grande Zoo, and Tingley beach.
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526
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Barcelona Suites
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Additional Photos
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Floor Plans
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Double Queen | 1 Bed / 1 Bath | 612.38 SFJacuzzi Suite | 1 Bed / 2 Bath | 870 SF
King | 1 Bed / 1 Bath | 581.57 SF King | 1 Bed / 1 Bath | 584.22 SF
Queen | 1 Bed / 1 Bath | 541.05 SF
Rent Comparables
Notes
1918
Location
Rent Comparable Summary
2120
Lomas Blvd.
Loui
sian
a Bl
vd.
Espanola Apartments
Sun Apartments
Barcelona Suites
Virginia Rose Apartments
Coronado Apartments
Property Name Address City State Zip Year Built # of Units Occupancy Avg. Size Avg. Rent/Unit Avg. Rent PSF
The Heights 1000 Sellers Dr NE Albuquerque NM 87112 1960 16 82% 550 $661 $1.20
Fair Plaza Apartments 5901 Alice Ave NE Albuquerque NM 87110 1976 32 94% 527 $635 $1.21
ABQ Elevate 1001 Louisiana Blvd NE Albuquerque NM 87110 1988 77 89% 505 $637 $1.26
Encino Gardens 412 Alvarado Dr SE Albuquerque NM 87108 1978 164 93% 544 $694 $1.27
Averages 1976 72 90% 532 $657 $1.24
Barcelona Suites 900 Louisiana Blvd NE Albuquerque NM 87110 1983 20 Leases 593 $678 $1.14
Variance +62 $21 ($0.09)
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25
40
Rent ComparisonThis study compares market rents from comparable properties to Barcelona Suites.
One Bedroom
PROPERTY SIZE RENT R/SFFair Plaza Apartments 527 $635 $1.21
Encino Gardens 566 $726 $1.28
ABQ Elevate 535 $650 $1.21
The Heights 550 $661 $1.20
Average 545 $668 $1.23 Barcelona Suites* 541 $625 $1.16
Variance ($43) ($0.07)
Barcelona Suites* 584 $650 $1.11
Variance ($18) ($0.11)
Barcelona Suites* 612 $675 $1.10
Variance $7 ($0.12)
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Jon KrebbsManaging PartnerThe Multifamily Group
E-mail: [email protected]
4228 North Central Expy, Suite #110
Dallas, Texas 75206
Phone: 972.379.9843Cell: 806.786.9515Fax: 972.957.7662
Prior to forming The Multifamily Group, Jon was an Executive Director of Investment Sales with Sperry Van Ness (SVN) and finished as the company’s #22 highest performing broker out of over 1,100 brokers worldwide in 2016. Prior to that he was a top producer at the Henry S. Miller Company in Dallas.Jon specializes in asset valuation, coordination of the marketing process, property tours and contract negotiations for sellers of multifamily
properties. Jon analyzes each assignment carefully and finds creative ways to add value to his clients. When he is not working, Jon enjoys playing sports, playing his guitar and spending time with his wife Stacie and their children Libby, Jackson and Finley.
Jon’s education includes a B.B.A. in Finance and an M.B.A. from Texas Tech University.
Paul YazbeckManaging PartnerThe Multifamily Group
E-mail: [email protected]
4228 North Central Expy, Suite #110
Dallas, Texas 75206
Phone: 972.379.9844Cell: 972.310.1032Fax: 972.957.7662
Prior to forming The Multifamily Group, Paul was an Executive Director in Investment Sales with Sperry Van Ness (SVN) and finished as the company’s #7 highest performing broker out of over 1,100 brokers worldwide in 2017, the #1 ranked broker in the Southwest Region, and the top producer in the office in 2017. In 2016, Paul was the 3rd ranked broker in the Southwest Region, was the 25th highest producing Broker worldwide, and top producer in the office in 2016. He qualified for the company’s Partner’s Circle recognition in both 2016 and 2017.
Paul’s volunteer involvement includes Big Brother Big Sisters (BBBS), American Corporate Partners, Gen Next and Carter Bloodcare.
Paul’s education includes an M.B.A from the University of Texas at Austin and a B.B.A in Finance from The University of Colorado at Boulder where he attended on a ROTC scholarship. He was awarded the Bronze Star Medal for his service in Iraq during his second deployment as a Captain in the Army. Between his two deployments, he spent 27 months in Baghdad from 2003-2008.
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Disclaimer
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binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk.
Information About Brokerage Services TYPES OF REAL ESTATE LICENSE HOLDERS:A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker.A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):Put the interests of the client above all others, including the broker’s own interests; Inform the client of any material information about the property or transaction received by the broker;Answer the client’s questions and present any offer to or counter-offer from the client; andTreat all parties to a real estate transaction honestly and fairly.A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker’s minimumduties above and must inform the owner of any material information about the property or transaction known by the agent, includinginformation disclosed to the agent or subagent by the buyer or buyer’s agent.AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent must perform the broker’s minimum duties above and must inform the buyer of anymaterial information about the property or transaction known by the agent, including information disclosed to the agent by th e seller or seller’s agent.
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary: Must treat all parties to the transaction impartially and fairly;May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner andbuyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction.Must not, unless specifically authorized in writing to do so by the party, disclose:that the owner will accept a price less than the written asking price;that the buyer/tenant will pay a price greater than the price submitted in a written offer; andany confidential information or any other information that a party specifically instructs the broker in writing not todisclose, unless required to do so by law.AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:The broker’s duties and responsibilities to you, and your obligations under the representation agreement.Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation foryou to use the broker’s services.
The material contained in this Offering Memorandum is furnished solely for the purpose of considering the purchase of the property within and is not to be used for any other purpose. This information should not, under any circumstance, be photocopied or disclosed to any third party without the written consent of The Multifamily Group or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.
The only party authorized to represent the Owner in connection with the sale of the Property is The Multifamily Group Advisor listed in this Offering Memorandum, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Offering Memorandum. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Memorandum must be returned to The Multifamily Group Advisor.
Neither The Multifamily Group Advisor nor the Owner makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future condition, operations or financial performance of the Property. This Offering Memorandum may include certain statements and estimates with respect to the Property based on certain assumptions. These assumptions may or may not be proven to be correct, and there can be no assurance that such results will be achieved. Further, The Multifamily Group Advisor and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Offering Memorandum, or any other written or oral communication transmitted or made available to
the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner.
The information contained herein is subject to change without notice and the recipient of those materials shall not look to Owner or The Multifamily Group Advisor nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Offering Memorandum are advised and encouraged to conduct their own comprehensive review and analysis of the Property.
This Offering Memorandum is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and The Multifamily Group Advisor from any liability with respect thereto.
To the extent Owner or any agent of Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as
4228 North Central Expy, Suite 110 Dallas, Texas 75206
