Africa-Press – Liberia. Liberian real estate agent, David Suah, has been hailed for playing an instrumental role in a whopping US$60m deal which saw a California company acquiring more than 300 apartment units in Albuquerque North East Heights, New Mexico.
According to the Albuquerque Business First, Suah, who works with Sub Sahara Group, played an integral role in getting the deal to fruition. “California-based TriWest Multifamily acquired the 312-unit Monterra apartment community, said Bryce Overend, firm’s managing partner. Overend declined to disclose the price of his firm’s acquisition at 4217 Louisiana Blvd. NE.”
Citing Bernalillo County property records, the Albuerque Business First stated that the latest reported owner for Monterra is Colorado-based Vukota Capital Management LLC. It acquired the property in 2017, according to its website.
David Suah, president of the David Suah Foundation, is a Temple University grad and an international real estate agent. Suah has closed major real estate deals in Europe Africa and the United States.
The Monterra deal is TriWest’s third acquisition in Albuquerque in the past four months, Overend said. TriWest lists Ambassador East and ABQ Elevate Apartments as the other Albuquerque assets on its portfolio. Moving forward, Overend and TriWest hope to acquire more properties in Albuquerque. The market’s relatively low price provides opportunities to make value-add purchases, he said.
“It’s a city we’ve identified that we want to grow a portfolio in, and we’re going to remain active buyers,” Overend said.
Rents have been rising across the country, including Albuquerque. Business First reported the average monthly rent was $1,117 as of August — representing a 17% year-over-year increase — according to RentCafe. RentCafe is a sister company of Yardi Matrix, a national website that compiles commercial real estate intelligence. Both local and outside experts anticipate the trend of rising rents in Albuquerque will continue.