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August 4, 2022
Local shop Thayer Manca Residential announced yet another acquisition in New Mexico. That would be the 156-unit Village at Tierra Antigua. The seller and purchase price weren't disclosed. Joe Manca said in a statement, “Tierra Antigua is our fifth acquisition in Albuquerque, and brings our portfolio in the market to over 1,000 units. Its condo-style build with attached garages and large floorplans fits perfectly into our product mix in the market.” TMR plans to spend nearly $3 million on renovations. The deal follows TMR's June acquisition of the 144-unit Hunter's Ridge, also in the same city. Both investments came from a dedicated $88 million value-add fund. Across five states, including our own, the multifamily investor now has some 3,000 units, which it values at $750 million.