Up to half a dozen housing communities in various sections of New Mexico are scheduled to see facility improvements beginning next year.
The Irvine, California-based Community Preservation Partners says it wants to do a combination of exterior and interior work at the various communities, as well as common area renovations.
The communities include the Penasco Apartments in Artesia; the Belen-based Westside Apartments; the North Star Apartments and San Miguel Senior Apartments in Las Vegas; the Ruth Visage Senior Apartments in Portales; and the Inspiration Heights Apartments in Ruidoso Downs,
The properties were recently purchased by Community Preservation Partners for some $7.3 million.
Among the unit upgrades planned by the company are building weatherproofing; and new windows, lighting, and HVAC systems in the apartment units of each community.
Altogether, exactly 218 units in the various communities will see upgrades.
Plans additionally call for the building of new outdoor playgrounds as well as paths and ramps that are Americans with Disabilities Act compliant.
The work is being made possible through tax credits and bonds Community Preservation Partners earlier secured through the New Mexico Mortgage Finance Authority.
Launched in 2004, Community Preservation Partners has to date purchased and upgraded more than 11,000 multi-family housing units nationally.
Last month the company announced its $26 million acquisition of the Chandler Ridge Apartments in Raleigh, North Carolina. Community Preservation Partners is spending $60,000 per unit upgrading that property with 228 apartments.
By Garry Boulard