Apartments on Mescalero Road will be rented after renovations
A Utah real estate developer has purchased a multi-family property at the corner of West Mescalero Road and North Kentucky Avenue and plans to begin leasing at least some apartment units in January after renovations are complete.
“The demand for housing in the city (interests me). I invest in a lot of different cities in the U.S.,” said P. Clayton Wolf of Wolf Development LLC in Orem, Utah. “Roswell is not a major city, but it is a substantial-sized city.”
He added that he attended a Monday housing summit organized by the city of Roswell and the Roswell-Chaves County Economic Development Corp. and was pleased with the leadership’s efforts to grow and improve the city.
“I really didn’t know much about the city when this crossed my lap,” he said. “I flew into town and it is a nice little town, and the property was a good property so it looks like a great opportunity.”
The apartments at 310 W. Mescalero Road previously had been part of the Brookdale Country Club senior living community, which at one time included three different housing areas: the 12-unit rental units that Wolf now owns, an assisted and independent living unit on North Kentucky Avenue and a nursing facility on North Pennsylvania Avenue.
When Brookdale transitioned to the ownership and management of Avamere and its partners in September 2018, people living in the condos were required to move to one of the two other senior living buildings within the community or find other living arrangements.
At that time, Avamere managers explained that the condos would remain owned by Brookdale and its real estate partner, Health Care Properties Inc. or HCP (now Healthpeak Properties), and said that any decisions regarding the apartments would be made by those companies.
Wolf said he bought the property about three months ago from the limited liability partnership that legally controlled and owned the structure. Chaves County records show that entity to be HCP SH ELP2 Properties LLC of Irvine, California.
Wolf said the interiors of the rental units have been renovated, with new countertops, paint, flooring and appliances. Each of the two-bedroom, two-bath units of 1,400 square feet also have private patios, laundry facilities and a garage.
“It is a little bit nicer, a little higher-end,” he said.
He added that American Realty & Management in Roswell will market and lease the units and will determine rental rates. The plan is for the first tenants to move in by the first week of January, he said.
According to Chaves County Assessor Office records, the land and building had an actual value of $879,785 in 2019 and an assessed value of $293,262.
Senior Writer Lisa Dunlap can be reached at 575-622-7710, ext. 311, or at email@example.com.