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City of Albuquerque, Developer to Spend $70M on Apartment Upgrades
CPP (Community Preservation Partners) and the City of Albuquerque have announced the acquisition and planned renovation of St. Anthony Plaza Apartments, an affordable housing complex in Albuquerque, N.M. This is CPP’s 39th community in New Mexico.
St. Anthony Plaza Apartments is located at 1750 Indian School Road NW in the Near North Valley region of Albuquerque. Initially built in 1975, the property needs substantial rehabilitation. CPP’s total development investment is approximately $70 million, which includes the purchase price of $27 million and estimated renovation costs of approximately $122,000 per unit.
Renovations are expected to be complete by Spring 2026. All units will be income restricted to family households at or below 60% of Area Median Income (AMI).
Additional partners on the project include Bernalillo County, who will issue $33,500,000 in tax-exempt multifamily housing revenue bonds. Ready Capital will provide the financing by purchasing bonds through a private placement. PNC will serve as the equity investor.
- ◦Sale/Acquisition
