• Year Built: 1960
1020 Valencia Drive Southeast is amulti-family property for lease in Albuquerque, NM.
CBRE is pleased to present the opportunity to acquire the Valencia
Apartments, a 58-unit residential property nestled between the coveted
University and Southeast Heights submarkets in Albuquerque, New Mexico.
The Valencia has a superior infill location near the desirable Ridgecrest
area of Albuquerque, and stands out among all others in its asset class.
Major property upgrades throughout 2013-2015 include: A stand-alone
leasing center, HVAC replacements and upgrades, a new courtyard,
new roofs, secure laundry and maintenance facilities, exterior painting,
refurbished covered parking lots, and lush landscaping improvements.
The property boasts new unit interiors including new cabinetry, new
black appliances, faux wood flooring, carpeting, countertops, molding,
doors, windows and new plumbing/lighting fixtures.
The Valencia offers a stabilized, long-term-hold potential. Though
owned and operated as a 58-unit apartment complex, The Valencia has
3 separate tax parcels, and a wide variety of units including a standalone
duo of townhomes with oversized 3-bedroom units, traditional
3-bedroom units, individually and master metered 2-bedroom units,
and many spacious 1-bedrooms. All have large closets, a covered
parking space, wi-fi in courtyard, a full kitchen package, and access
to a secure laundry facility. Most have backyard patios/balconies, and
vaulted ceilings on the second floor. The Valencia is a beautiful Mid-
Century property, that has been uniquely renovated to offer residents
a fresh, contemporary 21st Century feel.
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