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Pricey Nob Hill apartments show strong demand

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Developer Rick Goldman tours the deck at Platinum Apartments located in Nob Hill . Photographed on Monday June 1, 2015. (Adolphe Pierre-Louis/Journal)

ALBUQUERQUE, N.M. — Fourth-floor apartments with monthly rents of $2,000 and up are seeing strong early demand in initial lease-up of the upscale Platinum Apartments in east Nob Hill, developer Rick Goldman said Thursday.

Multiple offers have been made on some of the primo top-floor units — one has a 1,500-square-foot deck — and several have been leased, he said. The four-story, 60,000-square-foot building, which has 75 apartments, is scheduled for move-ins on Aug. 1.

“There is a big demand for this type of unit in areas with high walkable and bikeable scores,” said Todd Clarke of New Mexico Apartment Advisors, who is not involved in the Platinum project. “It should do phenomenal.”

Monthly rents start at around $1,000 at Platinum, and go up based on size and location within the building. Units range from 565-1,350 square feet. Six units are at street level, while the rest are on the upper floors. Information is available at www.platinumabq.com.

For an apartment property of its size, Platinum’s top monthly rents are probably cracking a ceiling at $2,000 and up, although Clarke said, “There are a lot of units out there with rents that start with a 1.”

Located at 4100 Silver SE, Platinum was designed by Environmental Dynamics Inc. to achieve platinum certification from the Leadership in Energy and Environmental Design program. As a result, it’s loaded with green features that Goldman said appealed to some of the early renters.

“This is the culmination of all those things you wish you would have done with your earlier projects,” said Goldman, who has done about a dozen housing projects, including Aliso Nob Hill fronting nearby Morningside Park.

When Platinum is finished, Goldman said he will turn his attention to redeveloping the more than half-acre lot at 4100 Central SE where The Pulse nightclub used to be. He said he hasn’t made a decision on what he’ll do with the property.

A couple blocks east at 4301 Central NE, the historic but now-derelict De Anza Motor Lodge appears to be on deck for a multi-million-dollar makeover. The City Council is scheduled June 15 to hear an appeal filed by the runner-up in a competition among private developers to renovate the city-owned former Route 66 motel.

The Albuquerque Development Commission picked a local development group that plans to turn the property into apartments rented like extended-stay hotel rooms. The appeal was filed by another local group that proposed preserving the property as a Route 66-themed boutique hotel.

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