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"The sellers are tired of waiting for the city," says Todd Clarke, CCIM of Grubb & Ellis|Lewinger Hamilton. The 241 unit Central Park Apartment complex owner, Alaskan Pension Fund Central Park Limited is putting the property up for sealed-bid auction to close before the end of this year.

The Central Park was among a group of three apartment complexes the city of Albuquerque was considering to purchase for its affordable multi-family housing apartment initiative. In the program, the city of Albuquerque buys an apartment complex off of the tax roll, and applies the savings directly to the rent price. According to Clarke, the seller's agent, the City Council deferred its decision on the complex twice. A decision has been pending on the matter for eighteen months.

"It's the largest apartment complex currently for sale in the city of Albuquerque," says Clarke. Located on the I-25 frontage road below Montgomery Blvd., the apartments were built in 1973. The complex features twenty buildings on 8.1 acres, two swimming pools, controlled access, and an enormous 10,000 square foot clubhouse. The units have an average size of 818 square feet compared to the city average of 808 square feet. The apartments buildings are appraised at $8.6 million. Included in the listing is an attached additional 7.4 acres of undeveloped land zoned for R-3 and appraised at an additional $1.5 million.

The original approved plan for the apartment complex includes designs for another 159 units on the extra land. According to Clarke, the surveys, inspections and appraisals that were done in preparation for the

deal with the city of Albuquerque have a limited life, but cost in excess of $40,000 to prepare.

"That's why they wanted to move with this auction," says Clarke. "We will have a week where prospective bidders can view the property, and it's a good way for them to see who they're bidding against. We think it will get the highest possible price in the quickest possible way." -BD