Rent growth in the northwestern Albuquerque subdivision is growing at 8 percent year-over-year, and this number increases 20 percent when considering apartments exclusively, thus dwarfing the national average of 3 percent. And, occupancy rates have been well above the national average, increasing 40 basis points year-over-year to exceed 95 percent in 2019, says MultiGreen chairman Randy C. Norton.
These stats factored into the equation for a joint venture to begin developing ViaVerde, a 171-unit for-rent townhome development, and ViaVerde II, a 154-unit for-rent garden-style community in Albuquerque. Sonata Green, a joint venture between Sonata Trails and MultiGreen Properties, is developing the rental townhome community located within The Trails, a 400-acre mixed-use master-planned community, which began development in 2004 by Sonata Trails and its affiliates.
The LEED Gold development sits on 11.65 acres on Universe Boulevard NW and is the first phase within the for-rent townhome development that will eventually include more than 1,000 additional rental units.
Trez Capital provided the $52 million construction loan and Wexford Construction Inc. is the construction manager for the project.
ViaVerde will break ground this month and the first tenants will begin move-ins in summer 2021.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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