Los Alamos Apartment Complex


Jacob Rocker and REA were engaged to market and sell a 92-unit multi-family apartment complex in Los Alamos, New Mexico. Built in 1950 and family owned and operated, the family members were in different stages of their lives with different needs and re-investment objectives. With the pandemic’s effect on the housing market and a volatile interest rate environment, REA aimed to maximize the sales price and close quickly.


Although some units in the complex had been remodeled and were renting at higher rates, most units still needed upgrading. The confluence of low pandemic-related vacancy rates combined with increasing construction costs presented a challenge as the cost of remodeling occupied units with longer leases was becoming unpredictable. A marketing plan that emphasized the potential upside to long term investors was implemented.

After signing of the purchase agreement, but prior to closing, rising interest rates threatened to derail the transaction. REA’s team worked with the family ownership to create a TIC (Tenants in Common) ownership structure, which provided critical flexibility. One co-owner was the willing to provide partial seller financing, which helped the buyer overcome the challenge of rising rates while generating an income stream for one TIC, and another owner was able to cash out and reinvest their portion of the sales proceeds. Because all parties were willing to work through these challenges mid-stream the transaction survived and ultimately closed successfully.


  • REA marketed the property directly to an extensive network of investors.   
  • Multiple offers were received within 90 days of listing. 
  • REA located a buyer seeking a renovation opportunity with significant upside from future rent increases. 
  • Within three months a purchase agreement was signed which allowed the seller to use a Section 1031 exchange to acquire other investment property.
  • Jacob negotiated partial owner financing that helped bridge the gap created by quickly rising interest rates and increasing costs of rehabilitation. 
  • The sales price reflected a 2% cap rate based on current cash flow, but a cap rate of 8% based on pro forma cash flow. 

    Jacob Rocker is an expert in the acquisition, disposition, and leasing of investment properties throughout New Mexico, with an emphasis in Multi-Family Housing. Mr. Rocker’s commercial real estate career spans a decade, and he was recruited to REA due to his expertise. Through his energy, innovation, and client-centric approach, Mr. Rocker is committed to maximizing client value by providing services tailored to the specific needs of each property owner. 

    Mr. Rocker has achieved the Certified Commercial Investment Member designation (CCIM) and is an active member of the National Association Industrial Office Properties group (NAIOP). He holds a MS degree in Finance and Real Estate from the University of Arizona and a BA degree in Journalism from Arizona State University. He has active real estate licenses in New Mexico, Colorado and Arizona.