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Acquisition and renovation of heavily discounted (2017 pricing) and underperforming IHG hotel in booming Albuquerque.
Deal Highlights
- Sponsor’s 6th Albuquerque hotel - local expertise and scale
- Sponsor’s neighboring hotels achieving record NOI
- Netflix, Intel, Amazon investing billions in booming market
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Stabilized multifamily community in Irondale, AL, a top Birmingham suburb. Fully renovated in 2017, the Property will be acquired at below-replacement cost with an assumable fixed-rate senior loan.
36-story Property with 100% fair market units, acquired at a 15% discount to its previous transaction price from 2017, the Murray Hill property offers a compelling investment opportunity. Uniquely exempt from NYC rent regulation laws, the ongoing unit renovations aim to capture potential rent premiums.
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