CPP Buys in Albuquerque
The community had its affordability extended by 30 years.
Community Preservation Partners has acquired St. Anthony Plaza Apartments, a two-building, 160-unit affordable housing community located in Albuquerque, New Mexico. Purchased for $27.16 million, this is the CPP’s 39th community in the state.
Housing New Mexico, Bernalillo County, the Near North Valley Neighborhood Association and the City of Albuquerque partnered with CPP to complete the purchase.
Following the transaction, CPP will invest $122,000 per unit in efficiency-focused renovations such as Energy Star-rated appliances, new windows and LED lighting systems. New coats of paint, stucco repairs, roofing, security and accessibility improvements are also in the plan. The upgrades will be completed by next spring.
Bernalillo County issued $33,500,000 in tax-exempt multifamily housing revenue bonds for the asset. The funds were provided by Ready Capital, with PNC serving as the equity investor.
Built in 1975, St. Anthony Plaza is located at 1750 Indian School Road NW in the city’s Near North Valley region. It will operate under a Section-8 Housing Assistance Payment contract for 20 years following the purchase, and a revised Land Use Restrictive Agreement for 30 years. The community’s previous affordability restrictions were set to expire in October of this year.
READ ALSO: How State and Local Initiatives Are Bridging the Affordable Housing Gap
The property is sectioned into one-bedroom, 76 two-bedroom, 24 three-bedroom, and 14 four-bedroom units across the 11 two-story buildings. Apartments are restricted to renters earning 60 percent of below of the Area Median Income.
CPP will also offer education and skill-building classes to residents, provided by LifeSTEPS.
The Land of Enchantment’s affordable demand
According to Doug Ressler, business manager at Yardi Matrix, the city is looking to transform 11 vacant properties into affordable housing units,
These homes are intended for families earning 80 percent or less of the city’s median income. This initiative aims to revitalize unused land and provide more housing options at a time when more than half of Albuquerque’s renters are cost-burdened and spend over 30 percent of their income on housing.
