Vista Montana 275000

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316 Foster Rd. - Las Cruces, NM 88005

PROPERTY Stats

UNITS

2005

Year Built

81,152

PROPERTY OVERVIEW

Vista Montana Apartments is an 80-unit affordable housing community located in Las Cruces, NM. The property is conveniently located minutes from major retailers including Albertsons, Sprouts Farmers Market, and Walmart Supercenter. Numerous restaurants, outdoor recreation, schools, including New Mexico State University, and major transportation arteries, including I-10 and I-25, are nearby as well. The property was built and placed in service in 2005 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 50% of the Area Median Income (AMI) limits, which are provided by the New Mexico Mortgage Finance Agency. Vista Montana Apartments offers two, three, and four bedroom apartment homes featuring a refrigerator, dishwasher, stove, patio/balcony, washer and dryer connections, and central air. Residents enjoy a variety of community amenities that include a clubhouse, business center, fitness center, complimentary resident move-in concierge, swimming pool, carport, off-street parking, playground, on-site laundry facility, and storage unit.

The property is operating at a $400+ discount to comparable market rate assets resulting in strong historical occupancy including a vacancy rate below 4.0% over the trailing-12 months Las Cruces is Home to New Mexico State University, Which Had a Fall 2022 Campus Enrollment Enrollment of 14,268 Students The Las Cruces, NM MSA has seen strong income growth with a 19.2% increase in the HUD Median Family Income from 2021 to 2023 Strong rental upside at the property with a 5.9% increase in the rental limits in 2023 and an additional 3.7% of unrealized maximum rental potential due to the annual ceiling adjustment

INVESTMENT HIGHLIGHTS

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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. © 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.

6225 N. Meeker Pl. Suite 210 Boise, ID 83713

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Managing Director Multifamily 503.261.3668 fred.dockweiler@berkadia.com

FRED DOCKWEILER

Director Affordable Housing 208.631.4981 jordan.skyles@berkadia.com

Jordan Skyles

Senior Managing Director Affordable Housing 253.653.3313 brandon.grisham@berkadia.com

Brandon Grisham

Senior Director Affordable Housing 505.855.7606 bill.fox@berkadia.com

Bill Fox

6565 Americas Parkway NE Suite 200 Office #234 Albuquerque, NM 87110

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