Construction could begin in Las Cruces later this year on two new apartment complexes designed to respond to the city’s growing need for more affordable housing.
Members of the Las Cruces City Council have given their approval to committing a potential $7 million in city funds for the two projects which will add 368 units to the city’s apartment stock.
The first project, called the Peachtree Canyon Apartments, is expected to cost around $29 million to build and will go up at 7081 North Jornada Road. The project, which will ultimately make up 6 residential buildings and one community building, will see a two-phase construction schedule with 144 units being built in each phase.
The Pedrena Senior Apartments comprises the second planned project and will see the construction of 80 apartments at 801 Farney Lane. Altogether, the project will comprise three residential buildings.
It is expected that it will cost about $26 million to complete the Pedrena apartments.
Apartments in both complexes would be rent-restricted, allowing landlords to establish target rents for those with the lowest incomes.
The projects come as rents in Las Cruces continue to rise. Three years ago, the average rent for a one-bedroom unit in New Mexico’s second largest city was around $800. Now, according to the site Rentcafe.com, that figure is just below $1100.
By Garry Boulard
