RIO RANCHO, N.M. — California-based Tailwind Investment Group has acquired Vista Grande, an active adult community located at 4101 Meadowlark Lane in Rio Rancho. Aspen, Colo.-based Cooper Street Capital sold the asset for an undisclosed price.
Built in 1972 on 10.9 acres, the 107,216-square-foot Vista Grande features 168 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 456 square feet to 807 square feet. At the time of sale, the community was fully leased.
Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s investment sales team represented the seller in the deal. The transaction marks Tailwind Investment Group’s first purchase in New Mexico.
“Vista Grande was a great first property for Tailwind to acquire in New Mexico,” says Meister. “While Rio Rancho is the third largest city in the state, there are very few multifamily properties available to purchase in the community, especially an age-restricted property.”
Tailwind has indicated plans for renovations to the property as well as plans for future acquisitions in New Mexico.