City and county leaders and developers celebrated the completion of the $13.6 million mixed-income Sterling Downtown apartment project today with a ceremonial ribbon cutting.
The 107-unit apartment building at 800 Silver Ave SW, was developed by the Greater Albuquerque Housing Partnership, thanks to financial backing from the City of Albuquerque and Bernalillo County.
The building has 28 efficiency, 67 one-bedroom, and 12 two-bedroom units.
Move-ins began two weeks ago, and the Sterling Downtown already is 37 percent occupied and 57 percent leased, said a GAHP spokesman.
According to GAHP, the four-story Sterling is home to individuals and families with incomes at or below 30 to 60 percent of the Albuquerque median income.
To get the project rolling, the county issued an $8.6 million Multifamily Housing Revenue Note; the city contributed $4 million through the Workforce Housing Trust Fund; and the New Mexico Mortgage Finance Authority awarded $1 million through the New Mexico Housing Trust Fund.
Separate from the development costs are New Mexico Mortgage Finance Authority low-income housing tax credits totaling $594,000.
The architect was Dekker/Perich/Sabatini, and the general contractor was Bradbury Stamm.
“Today we are excited for all the residents who have chosen to call Sterling Downtown their home,” said Felipe Rael, executive director of GAHP, in a statement. “The best part is that residents will keep more money in their pockets thanks to the energy-efficient design and affordable rents.”
Resident amenities include bike storage and repair space, indoor dog wash area, exercise room, bulk storage and a 4th-floor internet café with a rooftop deck. The lobby area includes a coffee shop that will be operated by Plata Coffee.
Each apartment home includes a washer and dryer, a built-in desk and stainless-steel appliances.