ROSWELL, N.M. — New York investors have plans to renovate student housing properties near Eastern New Mexico University’s campuses in Roswell and Portales as part of an effort to increase occupancy rates and boost residential real estate markets in the two communities.
The Roswell Daily Record reports that Up Realty LLC, which includes Brooklyn real estate investor Gershon Eichorn, recently closed on a $3.75 million loan with Massachusetts-based lender UC Funds to finance the renovations.
The units were between 50 and 60 percent occupied for the fall semester, and the process of converting unoccupied units has begun.
Officials say the units are expected to be fully ready for leasing in the 2018 and 2019 school year.
According to the lender, plans call for four-bedroom units to be renovated into one- and two-bedroom apartments.