The Phoenix Apartments Rises From the Western Palisades Ashes

Once a foreclosed property, the Western Palisades residential community located at 1720 Atrisco Drive SW was rescued by Chuck Sheldon of T&C Management who purchased it in 2010 for approximately $1.5 million. The history of the property is a stormy one, one that made the new owner change its name into The Phoenix apartments.

Once a foreclosed property, the Western Palisades residential community located at 1720 Atrisco Drive SW was rescued by Chuck Sheldon of T&C Management and will open its doors to low-income families.

The history of the property is a stormy one, which resulted in the new owner changing its name to The Phoenix apartments. After Sheldon’s purchase of the property in 2010 for approximately $1.5 million, the Western Palisades went through a renovation stage that began in June 2011. Close to the finalization of the works, two of the main buildings were destroyed by fire, Sheldon told Albuquerque Business First. “Finalizing plans for the replacement buildings and insurance settlements then took nine months,” he added.

This was not the first time the building had experienced a fire. In 2007 a 9-year-old girl died at the development because of a candle that was left unattended. After the second fire, the community gave up its initial name and switched to The Phoenix Apartments.

“These apartments were renamed not only for them coming out of the ashes but for all of their troubled history.” This week the building is going through the final inspections and on Oct. 22 the ribbon-cutting event will take place.

The Phoenix offers 32 units to low-income families in the Coors Boulevard and Arenal Road area. Eight of them have been preleased.

Photo courtesy of Google.