ALBUQUERQUE, N.M. — With fewer homes available for sale these days, developers are looking to add more rental stock, especially along the Alameda corridor at the north end of the city.
Helping to meet apartment demand, but decidedly on the high end side, is Markana, a complex now rising on a 12-acre site on Alameda Boulevard, between San Pedro and Louisiana boulevards.
Construction crews are building what eventually will be a 232-unit complex, according to an application filed with the city of Albuquerque by owner Vandy Investments. The owner is shooting for a summer opening of the apartment community, at 6115 Alameda NE.
The project shows a value of $17 million, according to one site permit pulled with the city. ORB Architecture designed it.
The Markana website, which has an interest list, said the highly amenitized complex will offer one-, two- and three-bedroom units ranging in size from 807 to 1,307 square feet. The pet-friendly complex will feature “well-designed, spacious floor plans with high-end finishes, simple elegance, clean lines and sophisticated styling,” with rents ranging from $1,100 to $1,450.
Also on offer are detached private garages, a resort-inspired pool and spa, and health and fitness center. Easy commuter access to Interstate 25 and the Rail Runner are also touted.
Kassam Construction, which is a subsidiary of Vandy, is the general contractor.
Demand for high-end rentals in the Alameda corridor has not gone unnoticed by other developers.
Titan Development and Alliance Residential Company are co-developers of Broadstone Northpoint, a 226-unit infill community north of Alameda, on Modesto NE between San Mateo and I-25.
The developers said future tenants will benefit from the proximity to I-25, the Journal Center Business Park and access to the retailers along Paseo Del Norte. The project broke ground in November 2016 and construction will be completed next year, according to Titan.