By on June 16, 2017

New West Investments is offering, for sale, the New West Apartments to only local non-profit organizations and public agencies.
Built in 1980, the New West Apartments is a 46 unit, United States Department Of Agriculture, ( USDA ), 515 multi-family rural development. The property is situated within the city limits of Grants, NM on 2.87 acres. It is comprised of 8, one bedroom units, 38, two bedroom units and an office-laundry building. A typical one bedroom unit is 680 sq. ft. while a typical two bedroom unit is 827 sq. ft.. The office-laundry building is 1323 sq. ft..
The Market Value of the property is $2,125,000.00 with unit market rent of $525.00 per month for the one bedrooms and $600.00 per month for the two bedrooms.
Originally developed to provide housing for low-income families, the New West Apartments has done so for 37 years. As an incentive, the USDA provides 100% Rental Assistance to the tenants based on basic rent of $461.00 per month for the one bedroom units and $512 per month for the two bedroom units. Additionally, USDA, has reduced the Mortgage interest rate to 1% for the life of the Promissory Note of 50 years. The approximate remaining balance is $438,000.00.
If your organization is interested in acquiring the New West Apartments, the USDA Rural Development may provide funding to make this purchase possible. Funding would include 100 percent Rental Assistance, a one percent loan for purchase and a $50,000.00 grant for purchase expenses.
For more detailed information regarding USDA acquisition requirements and funding, please contact: USDA Rural Development
New Mexico State Office
Attn: Cynthia Jackson
6200 Jefferson St. N.E.
Room 255
Albuquerque, NM 87109-3434
For USDA existing loan servicing information, current budget inquires, reserve requirements and management, please contact:
DeLea Taylor
MFH Area Specialist-Aztec Sub-office
Rural Development
United States Department Of Agriculture
1427 West Aztec Blvd., Suite 1
Aztec, NM 87410
Phone 1-505-634-5626
Fax 1-855-543-9495
For a complete sales package, please contact:
Don L. Hanosh
New West Investments
P.O. Box 502
Albuquerque, NM 87103
HCS Pub. June 16, 23, 30, July 7, 14, 21, 28, August 4, 11, 2017

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