National Asset Services, (NAS) one of the Nation’s leading commercial real estate companies, has successfully facilitated the sale of Casa Bandera Apartments in Las Cruces, NM. The transaction resulted in a cumulative return of 121% over the investment’s holding period for property ownership.
Despite the tremendously negative impact of the COVID-19 pandemic on the market area, NAS managed the implementation of proactive, aggressive strategies designed to maintain an above market occupancy rate of over 96% at the 226,604 square-foot, 232-Unit property that primarily houses a student population. The high occupancy rate was sustained despite the property’s proximity to New Mexico State University, which has been restricted to virtual learning since March 2020.
Along with a history of strong occupancy, NAS enhanced the property’s attractive marketability with favorable loan assumption terms, secured when company executives delivered a capital source with a highly competitive interest rate in early 2015.
Flooring and accent upgrades to multiple units, along with upgrades to the community’s swimming pool area helped maintain the high occupancy level despite the economic downturn caused by the pandemic.
“We are extremely pleased to have delivered such a positive outcome for a deserving group of clients that were, at one time, facing difficult decisions with limited options,” commented Karen E. Kennedy, President and Founder of National Asset Services and NAS Investment Solutions. “Casa Bandera is a good example of our ability to deliver results by focusing our expertise and professional tenacity to enhance a property’s value even when facing the headwinds of a challenging marketplace and economic environment.”
NAS executives began working with the property’s tenants-in-common (TIC) co-owners in October 2014, less than 90 days ahead of a loan maturity date in January 2015. NAS proposed an effective refinancing strategy that required the TIC co-owners to consolidate ownership into one legal entity that allowed the group to meet the loan maturity, while still allowing them to remain in their investment. As a result of the consolidation, the newly created entity was then able to take advantage of the most favorable financing option with a highly competitive interest rate.
NAS worked with NorthMarq executives Cynthia Meister, Vice President and Bill Hahn, Executive Vice President, to represent Casa Bandera ownership in the transaction. NorthMarq is one of the largest commercial real estate capital markets firms in the U.S and is an example of NAS’ network of highly reputable industry resources.
Built in 2002, Casa Bandera is comprised of 14 buildings consisting of 36 one-bedroom, 148 two-bedroom and 48 three-bedroom units located on 12.73 acres. Property amenities include an outdoor swimming pool, spa and clubhouse with fitness center, game room, library/computer room and basketball courts.
About National Asset Services (NAS)
Headquartered in Los Angeles, CA, NAS manages a wide range of diverse commercial real estate: Office, medical office, multifamily, retail, student housing, assisted living and industrial flex properties. The company manages sole-owner and multi-owner properties. NAS offers a wide range of asset management capabilities. They include: Property management; project management; lease administration; acquisition and disposition services; real estate strategy analysis; long-range business objectives; monitoring changing market conditions; investor relations; real estate and investor accounting; loan modification and workout solutions; exit and hold strategies; leasing & marketing; tenant retention plans; research studies; site selections; feasibility studies; insurance risk management; capital improvement planning and tracking; property tax appeal services and cost segregation services.
About NAS Investment Solutions (NASIS)
NAS Investment Solutions was established to leverage National Asset Services’ vast experience in investment property management by identifying, acquiring, and enhancing commercial real estate investments across all sectors of the real estate industry. The company is differentiated from other property investment sponsors by:
For more information about National Asset Services and NAS Investment Solutions, visit nasassets.com or nasinvestmentsolutions.com
For more information about NAS, visit www.nasassets.com.