Millennials, baby boomers drive ABQ residential markets

ALBUQUERQUE, N.M. — Millennials and baby boomers are driving both the single-family and multi-family marketplaces as demographics propel new developments by builders with Albuquerque ties.

Three speakers provided an overview Monday of their local projects during the annual residential real estate update hosted by the New Mexico chapter of NAIOP,  the commercial real estate development association.

Whether it’s an apartment, assisted living or active adult community, they have seen the future and it is filled with amenities.

Peter Verdicchio, principal of the Austin-based planning and architecture firm SEC Planning, highlighted some of the work his firm has done for the master planned community Mirehaven on Albuquerque’s West Side. The development is comprised of nearly 300 acres with 950 home sites on tight lots. “It’s a hybrid product with traditional family and active-adult projects” courtesy of Del Webb and Pulte Homes,  said Verdicchio. Enclaves within the development target millennials, young families and empty nesters.

“The key to the development is conveying a wow factor” upon arrival, said Verdicchio. He said the firm showcased the beauty of the land, by siting homes with views of the mountains and downtown. An arroyo was turned into an amenity, becoming part of a trail system. Pools with play equipment for grandchildren is another feature, as is a pickleball court.

Jim Dobbie, senior vice president of Hunt Companies who was involved in the development of ABQ Uptown, highlighted a Hunt apartment project in downtown Dallas.

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“The whole community is an extension of your apartment,” said Dobbie of the resort-style complex popular with those under 30. It comes with pools, gas grills, business and fitness centers and more. “It’s a party out the front door,” said Dobbie of the development, which features more well-appointed studios and one-bedroom units than larger family units.

He name-checked The Platinum Apartments in Nob Hill, which opened in August, as a successful local example showing the demand for luxury living in a desirable area of Albuquerque.

With 10,000 baby boomers turning 65 every day through 2020, Drew Dolan, president of Titan Development, is attuned to the opportunities this brings in terms of future business for his company’s senior and assisted living facilities.

Titan of Albuquerque, which has closed $550 million in national business, has two senior-focused projects in Albuquerque now under construction: Elan Santa Monica and Santa Monica Place. The properties will have a restaurant-style dining room, spa, exercise facilities and a concierge desk.

While Dolan didn’t divulge the costs of the local projects, he said they are a strong linchpin of the firm’s growing senior living arm and include independent living, assisted living, memory care and skilled nursing components.

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