CORE Pacific Advisors, an investment advisor and sponsor of 1031 exchange real estate offerings, has sold CORE Vistas at Seven Bar Apartments, a legacy tenant-in-common multifamily property with 567 units located in Albuquerque, New Mexico.
CORE Vistas at Seven Bar Apartments was purchased in December 2005 with $16.7 million of equity. The property was refinanced in 2015, retaining its TIC structure, and recently sold for $128.9 million.
“After distributing proceeds, the property will have generated cumulative distributions to tenant-in-common owners of $102.3 million, representing a 614 percent return on their original investment,” the company said.
“We are extremely pleased to achieve this high level of results for our investors…,” said Justin Morehead, president of CORE Pacific Advisors. “We believe…that the multifamily market is a resilient space for investors seeking income, and we are looking forward to providing more opportunities in 2022.”
CORE Vistas at Seven Bar Apartments is comprised of studio, lofts, one-, two-, or three-bedroom units ranging in size from 443 square feet to 1,194 square feet. Property amenities include two swimming pools, a sundeck, theatre, fitness center, basketball and racquetball courts, playground, and onsite laundry, among others.
The company noted a number of capital improvements at the property, including the rehab of 208 units at an approximate cost of $9,000 per unit, as well as renovations to the office and WIFI lounge, the basketball and racquetball courts, and a perimeter fence replacement
CORE Pacific Advisors, an affiliate of CORE Realty Holdings Management, sponsors 1031 exchange offerings, including Delaware statutory trusts and tenant-in-common structures.