11.33 acres R-6 Urban Residential zoned apartment land in Santa Fe County

Subject: 11.33 acres R-6 Urban Residential zoned apartment land in Santa Fe County, potentially eligible for $30M infrastructure loan

Good morning!

Maestas Real Estate and NM Apartment Advisors Inc. are thrilled to present an 11.33-acre site now available for development, potentially accommodating a low-density townhouse community with 66 units.  

http://www.nmapartment.com/apt/NMAA-LaJoyaLand.pdf

Los Alamos National Labs is set to relocate 20,000 jobs to Espanola in the coming decade, offering various incentives including: - Park-and-ride services in Espanola for students attending Los Alamos schools (the top school district in the state). Park-and-ride services for parents employed at LANL.  Furthermore, the parcel is located in Santa Fe County! The City of Espanola strongly favors rental properties that resemble townhouses.

Situated just down the road from the renowned Parasol restaurant and in the vibrant heart of Espanola, NM, this property has been held by the same family for generations. It is now ready for development to address the increasing demand for housing driven by the influx of new jobs in the area.

Information from the recent Espanola housing summit can be found at https://www.ventanafund.org/borrower-resources/housing-summits/

This site is strategically located at one corner of the Los Alamos/Espanola/Santa Fe employment triangle, which boasts a population of 217,008, with a median age of 45 and an average household income of $101,364. There is also opportunity to gain an additional 10 acres from adjacent land owners.

The property is being offered at $899,000, equating to $13,621 per unit, with projected rents of $1,825 per unit or $1.82 per square foot. The current owners are pleased to provide conceptual site plans and development models to qualified developer/investors who complete the online confidentiality agreement.

Subject property might qualify for the next round of $30,000,000 of financing from the NMFA Opportunity Enterprise Housing Development Fund – applications are open on a revolving basis – more info at https://www.nmfinance.com/opportunity-enterprise-housing-development-revolving-fund/

For investors looking for a high yield rental property – the development model includes an analysis using Cavco homes (Durango model) with a projected development budget of $18M and an upside to $21M if sold, or an equity return of 15% to your investors if rented.

You can help address the current housing shortage - our market needs over 19,000 new rental units and until we build them, we will continue to be the #1 market in the country for rent growth.

Please contact us with any questions.

Todd Clarke CCIM CIPS
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
tclarke@nmapartment.com

and


Anita Maestas
Qualifying Broker & Owner
Maestas Real Estate Services, Inc.
505-463-3565
anita@maestasrealty.com

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