The Greater Albuquerque Housing Partnership has opened Sterling Downtown, an affordable 107-unit community in Albuquerque, N.M. The opening marks the second fully affordable property to come online in the city over the past month.
Three different lenders provided a total of $14.2 million to fund construction of the four-story building. Citibank provided an $8.6 million mortgage, with the New Mexico Mortgage Finance Authority issuing a supplemental $1 million in funding, according to Yardi Matrix. The owner took an additional, self-funded loan of $4.6 million.
The Dekker Perich Sabatini-designed development is the first WELL-registered multifamily property in the Southwest, according to the project’s architect, and the asset was designed to achieve LEED Platinum certification. The building’s plan incorporates a number of energy efficiency measures, including an array of solar panels above some of the community’s on-site parking. Community amenities include a fitness center, a business center and a community room, per Yardi Matrix data.
Located at 800 Silver Ave. S.W. in the city’s Downtown/South Valley submarket, the property is positioned half a mile from the bustling Central Avenue S.W. retail corridor. Two bus routes operate a couple blocks from the development, providing access throughout Albuquerque.