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Albuquerque Rents and Occupancies Greenlight Multifamily Builds

Rent growth in the northwestern Albuquerque subdivision is growing at 8 percent year-over-year, and this number increases 20% when considering apartments exclusively, thus dwarfing the national average of 3%. 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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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