Northland Investment Corporation Acquires Acacia Gardens in Albuquerque, Expands New Mexico Footprint
Premier multifamily owner-operator to invest transformative capital to renovate 496-unit community
NEWTON, MA (October 28) – Northland Investment Corporation today announced the acquisition of Acacia Gardens, a 496-unit multifamily asset in Albuquerque, New Mexico. Formerly known as Spain Gardens, Acacia Gardens is Northland’s fourth property in Albuquerque, and sixth in New Mexico, where the firm has now invested over $300 million across 2,000 units in the state.
“The Acacia Gardens investment furthers Northland’s long-term commitment to New Mexico, where we can now offer prospective residents a diversified mix of best-in-class communities at all price points,” said Matthew Gottesdiener, Chief Investment Officer of Northland Investment Corporation. “Acacia is located in the heart of Northeast Heights, walkable to the nearby Whole Foods, and our extensive capital improvements will have a transformative impact on the community.”
The firm will execute $10 million in capital improvements at Acacia Gardens. Central to this acquisition, Northland will upgrade the property’s amenity spaces, providing an upscale and professionally managed resident experience. The firm will also perform extensive interior and exterior renovations, which will include best-in-class unit upgrades, new roofing and windows, as well as landscaping enhancements and “green” updates that will improve the property’s energy efficiency.
Situated within a prime location, Acacia Gardens offers convenient access to high-quality restaurants and retail, some of the best public and private schools in the city, and employment opportunities across professional sectors such as technology, education, and medicine.
This property is an important addition to the firm’s Albuquerque portfolio, which includes apartment communities Arterra, Altezza High Desert and The Links at High Resort. Most recently, Northland expanded its national development footprint with the Altitude at Vizcaya, a boutique differentiated luxury development that has brought 52 new apartment homes to Santa Fe. Over the past several years, Northland has quickly become the premier owner-operator in New Mexico through the strategic acquisition, development, and professional management of multifamily communities.