Developers Launch 71-Unit Public/Private Tax Credit Development Located in Downtown Albuquerque
- Mar 28, 2014
About a year ago, Romero Rose partnered with Yes Housing Inc. to construct a three-building multifamily development at 215 Lead Ave. SW. This public/private development was recently finalized and leasing is booming, with occupancy already registering at 51 percent.
Casitas de Colores was built with Low-Income Housing Tax Credits. The tax credits were awarded to the partnership in 2012 by the New Mexico Mortgage Finance Authority. The project provides 71 one- to three-bedroom units: 49 units are income-restricted based on HUD guidelines, and 22 units are market-rate.
The community is a “family-focused community,” located two blocks from the Alvarado Multi-modal Transportation Center, close to retail and entertainment places, and local government offices and employment opportunities.
All units have private patios or balconies, and two of the three buildings feature courtyards with outdoor living amenities such as gas grills. The interior common areas offer a laundry facility, a fitness room and a learning center. The development is designed to achieve LEED Platinum, Energy Star and Enterprise Green Communities certifications.
Water-conserving fixtures and Energy Star-rated appliances are installed in all the units. A photovoltaic array takes care of the common area electrical needs, while rain water is collected in underground retention tanks and used for supplement irrigation of the low water usage landscape. Reflective white roofs are installed to reduce cooling loads.
Casitas de Colores was designed by Dekker/Perich/Sabatini architects, and Bradbury Stamm Construction was the general contractor. The cost of the 53,644-square-foot multifamily rental development was $16.3 million.
Photos courtesy of Jonathan Rose Companies.