{"id":13747,"date":"2015-09-08T05:00:33","date_gmt":"2015-09-08T12:00:33","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=13747"},"modified":"2021-02-03T16:00:02","modified_gmt":"2021-02-04T00:00:02","slug":"new-mexico-rising","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/new-mexico-rising\/","title":{"rendered":"New Mexico Rising"},"content":{"rendered":"

ALBUQUERQUE, NM – The Platinum is not your typical Albuquerque apartment complex.<\/p>\n

\"IMG_1616\"
Rick Goldman, on the rooftop of The Platinum<\/figcaption><\/figure>\n

It is four stories, expected to be LEED-Platinum certified, with city and mountain views: in other words, a modern marvel that will draw some of the city\u2019s highest rents. It\u2019s surrounded by Nob Hill, Albuquerque\u2019s most walkable urban neighborhood. The area is a mix of higher education, restaurants and service businesses along Central Ave., also known as historic Route 66.<\/p>\n

\u201cThis is Albuquerque\u2019s main street,\u201d says Rick Goldman, developer of The Platinum and two other nearby condo and loft projects. \u201cUsually, retail follows rooftops. But in this town, you had retail on Central, but no rooftops to speak of.\u201d Albuquerque has sprawling single family housing tracts spread across the city. High density apartments rising above two stories tall are rare.<\/p>\n

Your typical Albuquerque apartment complex, says longtime broker Todd Clark, \u201cwas built in 1970, is two-story, brick, with a pitched roof, master-metered and originally offered furnished. It\u2019s an island surrounded by a sea of parking.\u201d<\/p>\n

So is the Platinum a symbol of things to come in New Mexico? Maybe. But there are challenges ahead before Albuquerque can be considered a transit-friendly, walkable urban destination.<\/p>\n

Breweries and buses<\/strong><\/p>\n

How can you tell when a city is poised for an influx of millennials? CBRE\u2019s Billy Eagle, who specializes in multifamily sales, suggests that you might want to track brewery openings.<\/p>\n

\u201cDuring the last two or three years we\u2019ve seen the breweries expand five-fold. I think there are now more than 25 in town,\u201d says Eagle, who relocated to Albuquerque from Southern California eight years ago, when he was in his early 20\u2019s. He talks enthusiastically about cycling around downtown, weekly farmer\u2019s markets, new restaurant openings and Uber: all hot with Millennials.<\/p>\n

During his time in New Mexico, Eagle experienced the major economic slowdown that hit hard here starting in 2009-2010, and has only recently shown signs of recovery. Real estate deals, including sales of multifamily product, are increasing; job growth is slowly happening; and rent growth has picked up to around 2 percent, according to a CBRE market survey.<\/p>\n

But two things are missing before Albuquerque can truly claim to be booming, Eagle says: usable, quality office space in the city\u2019s downtown, and better transit networks.<\/p>\n

\u201cMost of the Class A office space downtown is leased,\u201d Eagle says. \u201cAnd there are very low overall occupancy rates there, because the C product available needs to be redeveloped.\u201d<\/p>\n

Transit is an issue that\u2019s closer to being solved. The city is working on an improved Albuquerque Rapid Transit line that would connect Nob Hill with the downtown core, and express bus lines are already in place along Central to move people quickly from one part of town to another. Cycling is on the upswing, and the Railrunner, a regional train, takes commuters from Albuquerque to Santa Fe and back again.<\/p>\n

Longtime local perspectives<\/strong><\/p>\n

Developer David Silverman grew up in New Mexico, left for college, and came back 10 years later. His family\u2019s company, Geltmore LLC, has projects around New Mexico and Texas. Currently under construction is a downtown Albuquerque grocery story on the ground floor of the Imperial Building, located at 205 Silver Ave. SW. Three stories of affordable housing are rising above the retail.<\/p>\n

\u201cCurrently, there\u2019s no services downtown. But the grocery store opening in April (2016) will solve that problem. It\u2019s going to take some time for people to understand that they can live downtown and not rely on their car every day,\u201d Silverman said. He agrees with Eagle that the vacant Class C office space downtown is among the biggest roadblocks to a thriving Albuquerque.<\/p>\n

While staying optimistic about the city\u2019s future, Silverman is adamant that his own Millennial generation can\u2019t be its only salvation. \u201cWe need to see the private sector job base grow significantly,\u201d he says. \u201cIt\u2019s not a millennial solution. It\u2019s a people solution.\u201d<\/p>\n

Clarke, one of the city\u2019s most-quoted boosters, has a different perspective. A fourth generation New Mexican, he\u2019s adamant that Millennials are Albuquerque\u2019s best bet, and that if you build walkable urban housing, they will come.<\/p>\n

\u2018We think there are about 17,000 units of (local apartment) demand, just from Millennials,\u201d said Clarke, who compiles his own database on multifamily transactions. New Mexico is one of four of the nation\u2019s non-disclosure states, making obtaining transactional details a challenge.<\/p>\n

Pushing a unique product<\/strong><\/p>\n

\"The
The Platinum<\/figcaption><\/figure>\n

Back on the Platinum rooftop, Rick Goldman is talking about risk. Is he taking one by asking $1900 for a two bedroom, fourth floor apartment? It\u2019s got great views of Sandia Peak and the Nob Hill neighborhood down below looks like Lego toys \u2013 simple, single story square blocks.<\/p>\n

That price will also rent you a four-bedroom, 3,000sf single family home in the Albuquerque suburbs. But Goldman, principal of Chicago-based Golden Spike Development, doesn\u2019t think there\u2019s any chance the Platinum units will be vacant for long.<\/p>\n

\u201cWe don\u2019t believe it\u2019s that much of a risk. We\u2019re not trying to invent customers, or a community. We feel we\u2019re providing for an underserved clientele that already exists,\u201d Goldman says. He points to the rooftop views, on site yoga studio, electric car charging station and dog washing room as lifestyle amenities that don\u2019t exist at other properties.<\/p>\n

His architect, Stace McGee of Environmental Dynamics, calls Goldman fearless.<\/p>\n

\u201cThis is a developer from out of town, who has led the way and done the work. He\u2019s shown the community that there was a pent up demand for high quality housing of all different styles. And he\u2019s pushed the envelope all the way.\u201d<\/p>\n

This story originally appeared on Multi-Housing News<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

ALBUQUERQUE, NM – The Platinum is not your typical Albuquerque apartment complex. It is four stories, expected to be LEED-Platinum certified, with city and mountain views: in other words, a modern marvel that will draw some of the city\u2019s highest rents. It\u2019s surrounded by Nob Hill, Albuquerque\u2019s most walkable urban neighborhood. The area is a […]<\/p>\n","protected":false},"author":413,"featured_media":13748,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[289,41,291,1231,134],"class_list":["post-13747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-apartments","tag-development","tag-millennials","tag-new-mexico","tag-real-estate"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"ALBUQUERQUE, NM - The Platinum is not your typical Albuquerque apartment complex. 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