- Tailwind has plans for renovations to the property as well as plans for future acquisitions in New Mexico.
ALBUQUERQUE — Rio Rancho’s Vista Grande has been acquired by an investment firm based in California.
The buyer, Tailwind Investment Group, bought the 168-unit active adult community for an undisclosed price.
Vista Grande is located at 4101 Meadowlark Lane in Rio Rancho. Built in 1972, Vista Grande is a 107,216-square-foot active adult rental community on 10.95 acres. The property has studio, one- and two-bedroom units that range in size from 456 to 807 square feet. The property was fully leased at the time of sale, according to the announcement August 15.
The Northmarq Investment Sales brokered the deal and represented the seller, Cooper Street Capital from Aspen, Colo.
“Vista Grande was a great first property for Tailwind to acquire in New Mexico,” said Cynthia Meister, vice president at Northmarq. “While Rio Rancho is the third largest city in the state, there are very few multifamily properties available to purchase in the community, especially an age-restricted property. Vista Grande is in an excellent location, walkable to a lot of restaurants and shops, close to local businesses and the Meadowlark Senior Center.”
Tailwind has plans for renovations to the property as well as plans for future acquisitions in New Mexico.
Headquartered in Newport Beach, Calif., Tailwind is a privately held commercial real estate investment company that focuses on multifamily investments in the Western U.S., according to its web site.
Rio Rancho was targeted because date shows that its population of about 100,000 have a median household income about 20 percent higher than the Albuquerque metro area, according to the announcement.
Recent growth indicators included Intel Corp. announcing a $3.5 billion renovation of their Rio Ranch facility that will bring more than 700 new jobs to the community when completed. Albuquerque’s strengthening economy and elevated renter demand drove down vacancy rates and pushed rents higher during the first three months of 2022. The first quarter ended with overall vacancy rate of 2.9% for the market and overall asking rents rising by two percent. For more information read Northmarq’s Q12022 Research Report.