A 220-unit affordable housing portfolio in Las Cruces, New Mexico, has recently sold, reported Greysteel, a commercial real estate and capital markets services firm.
The three-property portfolio was developed under the low-income housing tax credit program, and all assets are in their extended-use period, according to officials.
The portfolio includes two family-designated properties and one age-restricted senior property.
Murphy Holloway, Greysteel’s affordable housing director, led the transaction on behalf of the seller and facilitated the sale to Clipper Capital Group. The seller was not disclosed.
"This acquisition strengthens our presence in New Mexico and fits squarely within our strategy of expanding into high-growth markets," said Blair Pruett, co-founder of Clipper Capital Group, in a statement. "The addition of these multifamily communities enhances our portfolio by offering a strong mix of value-driven properties in a region with significant growth potential."
The buyer used agency loan products, according to sources.
Greysteel said the portfolio generated over a dozen competitive offers from investors locally and across the United States.
“Despite its population of 111,000, Las Cruces is an attractive market due to strong population growth and economic drivers, including New Mexico State University, the White Sands Test Facility, and NASA. Additionally, Doña Ana County, and specifically Las Cruces, is the agricultural center of the Mesilla Valley,” Holloway added. “We were pleased with the execution and results of our marketing process. It was an extremely competitive process, which resulted in multiple rounds of bidding.”
