Affordable Albuquerque Community Opens Doors
The Village at Avalon, containing 240 units, broke ground in early 2016. GSL Properties utilized nearly $20 million in revenue bonds to finance construction.
The Village at Avalon, a fully affordable 240-unit community, has opened its doors in Albuquerque, N.M. The owner and developer, GSL Properties, kicked off construction in April 2016. The opening of the asset adds to Albuquerque’s existing inventory of 9,257 units in fully affordable properties, according to Yardi Matrix data.
GSL owns and operates a large number of other properties in Albuquerque, as well as a large multifamily portfolio in Portland, Ore.
The Section 42 tax credit project made use of $19.4 million in revenue bonds to finance construction of the low-income tax credit project, issued by Bernalillo County. The bonds mature in 2059.
Located at 601 90th St. N.W. in Albuquerque’s Downtown/South Valley submarket, the garden-style community’s 12 buildings are positioned just south of Coronado Freeway. The property is situated one mile from the intersection of Central Avenue S.W. and Ninth Street S.W, home to several retail buildings offering a variety of shopping and dining options.
The community contains one-, two- and three-bedroom units ranging from 605 to 1,196 square feet, Yardi Matrix data shows. On-site amenities include a swimming pool, a clubhouse, a dog park, a basketball court and two playgrounds.
Image via Google Earth