Spring Park Apartments is situated in a desirable location abutting a large and recently renovated municipal park and shopping center. The population of the area is young with a strong presence from the University of New Mexico. The Albuquerque metro area accounts for nearly 45% of the state’s total employment and will continue to provide employers with an abundant, diverse, and well-educated workforce for years to come.
One of the most attractive components of this investment opportunity was the clear evidence of modest rent upside through strategic renovations and improved management. The renovation program included painting the entire property exterior, complete renovation and remodeling of the leasing office, clubhouse and fitness center, resurfacing the pool, renewing the pool deck, and implementing major landscaping improvements. Units were renovated including upgraded flooring and cabinetry, as well as new appliances and fixtures. The property’s website and other marketing tools were also significantly improved. This property is adjacent to another property held by M1, leading to lower operating expenses for both properties.