10-story tower in Albuquerque's Highland Business district heading to auction
The old school building is up for auction, with a starting bid of $500,000.
Early June, a 10-story tower located in Albuquerque’s Highland Business District, just north Central Avenue, will be auctioned with a starting bid of $500,000
Auction for Two Park Central Tower will open on 6 June. According to an online listing, the tower includes 115 units that can be redeveloped on 3.37 acres. It also has a parking lot on site.
Rhino Investments Group is a Henderson-based real estate development and acquisition firm. Todd Clarke of New Mexico Apartment Advisors will be the listing agent for this sale. The company also owns Boulevard 2500 at 2500 Carlisle Boulevard, a converted residential multifamily development. NE.
Ten-X is a company that handles commercial real estate transactions.
According to the listing, the current tower building has "full entitlement" - meaning that plans for the conversion of the building's offices into 75 to 115 units of multifamily housing have been approved. The building currently has eight floorplans, which range from 489 square feet to 1,546.
Clarke, in an email sent to Albuquerque Business First on Monday, confirmed that the plans for converting the tower into apartment units were already in place. The buyer will then be able to begin remodeling the building according to the conversion plans.
Clarke, in an email to Business First, said that the conversion of the tower to apartments was "part of greater effort" to meet the demand for rental housing in Albuquerque of 13,000 units. Clarke stated that housing demand was created by large corporations who have announced plans to develop in New Mexico. These include Netflix, Facebook, and Intel Corp.