Cushman & Wakefield announced today that 176 units of the Casas De Soledad apartment project in Las Cruces, N.M., have been sold to an Arizona investor.
The 256-unit apartment community was built in 2004 and is located at 3901 Sonoma Springs Avenue in Las Cruces. Casas De Soledad offers Class “A” apartments within the Sonoma Ranch master-planned golf community. The property is situated adjacent to the Sonoma Springs Golf Course. Clear Sky Capital (Marcus Kurschat-Principal) of Phoenix purchased 176 units of the apartment development.
The remaining 80 units were individually sold at an earlier date. The property offers substantial amenities, including a clubhouse with kitchenette, gated access, a resort-style swimming pool and spa, state-of-the-art fitness center, a putting green, barbecue grills and access to walking and biking trails. The units have varying features, some of which include garages, nine-foot ceilings, walk-in closets, garden-style tubs, and first floor patios or solariums.
Cushman & Wakefield Executive Managing Directors Steven Nicoluzakis and David Fogler of the Phoenix office worked with Managing Partner Brett Preston, SIOR, CCIM of Cushman & Wakefield affiliate Pires International in New Mexico and represented the Seller to negotiate the sale transaction. Clear Sky Capital purchased the property from CS Las Cruces Investco, LLC (PEM Real Estate Group, Paul Mashni-Principal) of Scottsdale, AZ.
“This presented a great value opportunity,” said Mr. Nicoluzakis. “The Casas De Soledad property features all of the high-end amenities that today’s residents want, while offering the buyer below replacement cost pricing with an attractive in-place yield.”