Location

Albuquerque, NM

Size

281 Units

Fund Equity

$18.9 M

Total Project Cost

$67.1 M

Date Approved

12/14/2020

Start Date

1/10/2021

Allaso High Desert

Summary

Allaso High Desert is a 281 unit, 16-acre multifamily complex located along Tramway Boulevard in Albuquerque, New Mexico. The Allaso High Desert site is located in one of the most desirable areas in Albuquerque. Located at the base of the foothills of the Sandia Mountains, this unbeatable location will serve an area of town with limited new class A multifamily opportunities.

The site will have direct access to the foothills trail system which connects to hundreds of miles of single-track trails east, south, and north spanning the entire Sandia Mountains. The site is directly east of the Tanoan community, which boasts some of the highest home values in the metro area. Due to the proximity to the Sandia Mountains and National Forest Service Land, in addition to the existing concentration of single-family homes, there are limited to no medium to large tracts available for multifamily development remaining in the northeast heights. New competition for this site is expected to be minimal to non-existent. The site is located within the school district boundaries of Georgia O’ Keefe Elementary, Eisenhower Middle, and La Cueva High School, which are three of the top performing schools in the state.

Latest News

Construction of the box culvert continues to progress with walls near completion at 95% complete. Box concrete top was poured through 200’ from west to east and forming is in progress for the next 100’ top section. The general contractor has scheduled for partial waterproofing of the structure to aid in providing crossover access to the building construction on the north side. Site pads are at rough grade on 50% of the buildings and the leasing building is scheduled for foundation pour early next week. The concrete subcontractor is on-site and is performing layout and forming of available building pads. The plumbing contractor has completed installing undergrounds on 5 buildings. The civil contractor has again started importing soil in preparation for backfilling around and over the box culvert structure. Currently, there are no outstanding issues and progress continues to be on schedule.