In a multi-million dollar transaction executed Sept. 12, CAP Investors took ownership of the Los Cerros Apartment Complex and 40 apartment units in the Gold Street subdivision.

Each of the properties included in this transaction were previously owned by longtime Los Alamos developer Elmo C d’Baca.

Los Cerros Apartments at 3000 Trinity Dr. is a 104 unit, two-story stucco complex with one, two and three bedroom floor plans. The Gold Street property near Trinity and Diamond Drive consists of one bedroom apartments. Plateau Property Management will manage the combined 144 apartment units.

Bruce Norman owns Plateau Property Management headquartered at 1926-A 24th St. He also founded CAP Investors just over 20 years ago with partners who all have Los Alamos ties, he said during an interview Thursday with the Los Alamos Daily Post. He declined to disclose the total price of his recent transaction saying only that it was definitely a multi-million dollar deal.

Improvements are already underway at Los Cerros Apartment Complex. Photo by Carol A. Clark/ladailypost.com

I’m a simple guy with a simple plan for developing high quality apartments … that’s what we’ve done everywhere we’ve gone,” Norman said.

Norman moved to town 39 years ago to accept a position as tennis pro. He explained that he has worked hard all these years and recently hired Mike Lippiatt to take over most of the load from now on.

“This latest transaction is really a pathway to semi-retirement for me,” Norman said. “By hiring Mike to take over day to day operations, I will work about two days a week just to ensure that the plan is being implemented by my team.”

Lippiatt was the manager of the Los Alamos and White Rock Visitors Centers before accepting Norman’s offer to run his operation and head up the massive improvement plan for the new acquisitions.

“I’m absolutely honored that Bruce thought of me for this position and came to me and we worked out a nice agreement,” Lippiatt said. “With this new challenge and what we’re doing to create a better quality of living for people … I couldn’t be happier … and I have an opportunity to put my marketing and customer service skills to work as well.”

With last week’s purchase, CAP Investors is the largest residential rental property owner in Los Alamos, Lippiatt said.

“It’s fun to be on a team like this that is the biggest fish in the pond,” he said.

Norman’s quality improvement plan includes the cleanup and manicuring of the grounds at both new complexes, installing new windows in all 144 units and remodeling the apartments beginning with vacant units. Norman signed a more than $500,000 contract Wednesday with local contractor Chaparral Siding & Windows for the purchase and installation of 415 new windows, he said.

“This will be a gradual and amazing improvement to the quality of living for those currently residing in these apartments and those who will in the future,” Lippiatt said. “At Gold Street we’ll begin remodeling bathrooms, refinishing hardwood floors in the lower level units and installing new carpet in the upstairs units and we’ll paint all the units.”

The parking lot also will be resurfaced and new sidewalks and curbing installed, he said.

“We’re meeting with the County next week to discuss the possibility of installing a recycle station at Gold Street,” Lippiatt said. “We’ll also install new insulation and siding on the exterior of the buildings and upgrade the fencing where it has dilapidated at that property.”

Los Cerros will get new flooring, new paint and recycle stations, Lippiatt said, adding that one or two of the buildings will be designated “pet friendly.”

“We’re also excited to announce that a splash pad where the pool is currently located is on our wish list to complete in the next year or two,” he said. “We also hope to have Los Alamos High School art students re-paint the laundry room in themed murals.”

Other improvements include new playground equipment, one or more community gardens and a dog park, he said.

CAP Construction and Maintenance Manager Mike McNiel went to work for the company in 2009.

“I’m excited … we’ve been improving properties since I started working for Bruce but this is by far the largest project,” McNiel said. “The scope of improving 144 households and modernizing them is great … just cleaning up along the street enhances the community. We’re providing the residents with a high quality housing and maintenance staff and office staff who care about our tenants’ quality of living and giving good customer service.”

Norman recalled how he got into the business with his first real estate purchase in 1980.

“I got my real estate brokers license and bought a quarter of a quad on Walnut Street from Mary Deal and she financed the whole thing,” Norman said. “I was the high school tennis coach at the time and I bought a bunch of sodas and pizzas, paint and brushes and asked the team if anyone was hungry – if so – they could come over to my new quad to eat and help paint the place. I made $100 more a month than my payment to Mary on that deal and that was just great.”

Norman continued buying and selling properties through the years.

“My real breakthrough came when I bought 802 9th Street with my buddy Rick Allen who was a teacher here,” he said.

Along with his new acquisitions, Norman through CAP Investors owns, and manages through Plateau Property Management, the Chapel Apartments, a 70-unit apartment complex on 4.5 acres near downtown Los Alamos; 712 Iris Street, which includes 24 efficiency apartments; Tres Casitas Apartments at 6th Street near Central Avenue and La Mesa, an 80-space mobile home park on North Mesa.

Norman and his team are hosting a “Meet and Greet” for all current tenants 6-7:30 p.m. Wednesday, Sept. 24 at Fuller Lodge. The event will include light Hors d’oeuvres and beverages and a question and answer session.

The team also is launching a contest through the Los Alamos Daily Post in which they want the community to rename Los Cerros and the 40 Gold Street units. The winner for each apartment complex will receive $250 in chamber bucks and whoever wins honorable mention for each apartment complex will receive $50 in chamber bucks.

Email to: ladailypost@gmail.com by 5 p.m. Monday, Sept. 29 the name suggestions for Los Cerros Apartments and the Gold Street units. The winners will be announced in the Los Alamos Daily Post.