lumen
Lumen, formerly known as Mirabella Heights, was built in 2003 on a 13+ acre site in the Sandia Heights district of Albuquerque. The property benefits from an irreplaceable location, immediately adjacent to Sandia National Laboratories, and is just three blocks from Sandia Science and Technology Park. TMR captured Lumen’s incredible untapped potential with a $4,700,000 renovation, delivering upscale rental product to the area’s high-wage demographic. It also provides a similar finish level to residents as a newly constructed building, at a fraction of the cost.
location
Albuquerque, NM
no. of units
280
acquired
2019
Status
Holding
Though well-maintained by the previous owner, the property’s apartment interiors, exterior appearance and overall marketing presentation were outdated. Tired common areas and worn-out amenities no longer met the expectations of modern apartment residents. With thousands of high-salaried employees nearby, Lumen was an ideal candidate for TMR’s strategic, repositioning program.
Lumen is still an active investment and is making quarterly cash flow distributions to investors.
Though well-maintained by the previous owner, the property’s apartment interiors, exterior appearance and overall marketing presentation were outdated. Tired common areas and worn-out amenities no longer met the expectations of modern apartment residents. With thousands of high-salaried employees nearby, Lumen was an ideal candidate for TMR’s strategic, repositioning program.
Lumen is still an active investment and is making quarterly cash flow distributions to investors.
Clubhouse before & after
strategic transformation
TMR transformed the clubhouse into an inviting space that residents can utilize throughout the week or rent out for special events.
The unit renovation included the addition of wood-plank style vinyl floors, laminate countertops that look similar to a solid surface, farmhouse-style stainless steel sink, tile backsplash, smart thermostats, and more.”
Rental unit before & after
