CASE STUDY
ACQUISITION & MANAGEMENT PERFORMANCE
| PROPERTY |
Albuquerque Plaza
Albuquerque (CBD), New Mexico
This mixed-use project encompasses an entire city block with 357,000 sf, including a 22-story office tower, a retail arcade, underground parking facilities, meeting space, and is attached to a 395-room luxury Hyatt Hotel. This asset was acquired in February 2005 from Crescent Resources. |
| TYPE |
Class AA Institutional Grade Office Complex |
| OCCUPANCY |
2005: 72.2% Effective Occupancy at Acquisition
2008: 89.1% Trending at 100% of Pro Forma |
| PURCHASE PRICE |
$37,734,000 |
| CAPITAL RAISE |
18% of Total Cost
65% Individual Investors
35% Allegiance Employees |
| TARGET IRR |
20% |
| ASSET MANAGEMENT |
2008 Operating Expenses are at levels not seen since
1999, a 4% decrease in Expense costs from time of
acquisition. Annual rebidding of Service Contracts help
to ensure savings in all category. |
| CURRENT NOI |
113% of Pro Forma |
|
PERFORMANCE TO PRO FORMA ANALYSIS
This investment continues to perform at 100% of underwriting while continuing to improve the physical asset and increase the level of property management services to all tenants.
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