Sandia Patios, a 40-unit apartment complex is on the market for $1.6 million.

The seller is a California-based LLC that has hired Bill Fox of Hendricks & Partners to find a buyer. The two-acre property is located at 426 Utah St. SE and is 100 percent occupied, with an average rent of $530 per unit.

Fox said the rental apartment market continues to be strong in Albuquerque and he has closed several deals totaling 1,000 units in the past two months. Most of the buyers have been from out of state and he expects Sandia Patios to be sold to non-New Mexico investors. He said it could take just a month to find a buyer based on recent activity in the market.

Information from: www.bizjournals.com

This entry was posted on Saturday, April 7th, 2007 at 12:07 am and is filed under Apartments. Tags: Albuquerque California Mexico New Mexico Property Utah . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.