The subject property - currently flagged Econolodge is in the heart of the rapidly growing Four Hills area of Albuquerque, NM. The property adjoins a Waffle House and is across the street from a Sprouts and Epic Movie Theater, as well as a quarter mile from another property in the MKX portfolio-Four Hills Studios. The intense demand in affordable housing is evidenced by the aforementioned property, which MKX took from 65% to 98%+ occupied in less than 4 months once renovations were completed. The property is zoned MX-H (same as Four Hills Studios) which allows for both long-term and short-term housing. Our plan is to fill the bottom floor with a singularly master lease with the City of Albuquerque's non-profit housing arm, Heading Home- and fill the remaining floors with month-to-month leases. Based on demand seen in Four Hills, we expect a lease up period of less than 3 months to achieve 90%+ and a stabilized value of $5.7mm.
13211 Central Ave NE, Albuquerque, NM 87123, USA
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