Brinkman Real Estate Continues Intermountain West Expansion with Acquisitions in New Mexico and Utah

Brinkman Real Estate continued its expansion throughout the Intermountain West with the closing of two acquisitions last week. The company added Cascade Crossing Apartments in Albuquerque, NM, and Chloe’s Pointe Apartments in Ogden, UT, to their portfolio in rapid succession as they continue to identify opportunistic deals in high-growth exurbs within the mountain states. These deals represent the company’s second and third acquisitions in as many months, bringing their year-to-date investment volume to nearly $70 million, trending above last year’s total of $160 million.

“Both Albuquerque and Ogden are perfect examples of high-growth secondary markets we are looking to quickly scale up in” said Brett Silverstein, Chief Acquisitions Officer. “Both exhibit strong fundamentals and continued tailwinds highlighting the strength of their multifamily markets. We’re excited to continue to expand our footprint in these markets.”

Cascade Crossing is a 2020 vintage, 52-unit multifamily community located just north of the downtown corridor. Albuquerque is quickly becoming a sought-after market for multifamily buyers due to its above-average growth, affordability, low vacancy rates, and influx of large employers. It has risen as a western destination in recent years, contributing to a strong economy rooted in cultural, outdoor, and culinary attractions.

Cascade Crossing represents Brinkman Real Estate’s first acquisition in New Mexico.

Permanent financing with Independent Financial was arranged by Brady O’Donnell, Jeff Halsey, Jill Haug and Alex Scott with CBRE Capital Markets’ Debt and Structured Finance group in Denver.

The seller was represented by Erik Olson and Billy Eagle with CBRE New Mexico Multifamily Investment Properties.

Chloe’s Pointe is a 2021 vintage, 114-unit multifamily community situated in downtown Ogden just off Interstate 15, providing easy access to Salk Lake City. With recent population growth, the market conditions are favorable for investment including vacancy rates hovering at 5% and elevated housing prices pushing demand for rental supply.

This represents Brinkman Real Estate’s second property in Utah after the acquisition of Eversage Apartments in Payson in early 2020.

Bridge loan financing with ACRES Capital was arranged by Brady O’Donnell, Jeff Halsey, Jill Haug and Alex Scott with CBRE Capital Markets’ Debt and Structured Finance group in Denver.

The seller was represented by James and Andrew Wadsworth with Wadsworth Multifamily in Salt Lake City.

Both acquisitions fit the profile of Brinkman Real Estate’s portfolio comprised of core-plus and value-add assets in markets with outsized population and job growth trends. The company executed on nearly $160 million in transaction volume in 2021, rising as one of the most active buyers in several markets. They’ve continued the trend in 2022 with three closings in as many months and they continue to seek core-plus and value-add assets in high-growth markets throughout the region.

“We’ve had a strong start to the year,” notes Kevin Brinkman, Co-Founder and CEO. “Our team is consistently identifying high-quality assets that generate the strong returns our investors have come to expect.”

Brinkman’s portfolio includes more than $500 million in investment volume with zero losses. Their portfolio includes a diversity in assets from multifamily, mixed-use, office, hospitality and retail.