In a rental market among the highest in the southwest, plans in Santa Fe have been announced for the construction of an apartment complex with up to 240 residential units.
The project belongs to Lincoln Avenue Capital, which is based in Santa Monica, California, and specializes in affordable housing development across the country.
As announced, the Santa Fe project will go up at a site on the south side of the city, off New Mexico State Road 14 and Interstate 25.
What is being called the Cresta Ridge will see the construction of one, two, and three-bedroom units, with proposed rents running between $1,022 and $1,175 a month.
The project is currently going through the City of Santa Fe’s approval process and could see the construction of 8 three-story buildings. The project will additionally include a community room, fitness room, and yoga studio.
The project is scheduled to go before the Santa Fe County Planning Commission on December 15. If all goes well, work on Cresta Ridge could begin next year, with a possible completion date of late 2025.
The Santa Fe project represents new terrain for Lincoln Avenue Capital, which has primarily focused its efforts on the East and West coasts, we well as large sections of the Midwest.
To date, the company has built more than 19,000 residential units. Earlier this spring, Lincoln completed the rehabilitation of a more than 200-unit project in Orlando called Valencia Park that is also geared for affordable housing.
By Garry Boulard
