from Albuquerque Business First
By Ron Davis – Reporter, Albuquerque Business First Sep 4, 2020, 3:55pm EDT
New apartments that offer 10-foot ceilings, stainless steel appliances and private balconies and patios and more will soon be available for rent in Santa Fe.
Northland Investment Corp., a Boston-based real estate private equity firm, confirmed it began leasing for the 52-unit Altitude at Vizcaya development. The residential development is near U.S 285 and Rodeo Road. Units will be available Oct. 1, according to the website.
Altitude at Vizcaya has floor plans that range from 848 to 1,207 in square feet, which range from $1,499 to $1,585 in monthly rent. Other amenities include chef’s kitchens, a washer and dryer and in every unit and two heated swimming pools on the property.
“Northland is committed to expanding our development platform within our long-term ownership markets across the southwest and southeast that offers a high-quality lifestyle. We are thrilled to do exactly that in Santa Fe with the opening of Altitude at Vizcaya,” said Santo Dettore, a development director at Northland in a statement. “This modern property will introduce a high-end, best-in-class product to the city’s undersupplied housing market on what was previously an undeveloped lot. We believe Altitude will offer a fantastic, brand-new living option to the residents of Santa Fe.”
Dettore said “a number of leases” have been signed since the company began leasing in August.
Northland broke ground on it’s fifth New Mexico development in September 2019. In total, the company has built more than 1,500 units and invested at least $300 million in the state, according to a news release.
Albuquerque-based companies Bradbury Stamm Construction Inc. and Dekker/Perich/Sabatini were the project’s general contractor and architect. Northland went through Santa Fe firm JenkinsGavin for land use and entitlements, according to a release.
Last month, Business First reported outside investors have been attracted to New Mexico for its population density and its effort to combat the Covid-19 pandemic and large investment from giants like Amazon, Facebook and Netflix.
Northland’s echoed those sentiments.
“You see job growth, population growth. You see great fundamentals like Netflix coming to Albuquerque,” Dettore said. “There’s a great fundamental basis of an economy in Santa Fe and Albuquerque that we continue to see growth and we’ve had a great experience thus far.”
Renters occupied about 37% of Santa Fe’s housing units, according to the 2018 U.S. Census Bureau data. Multi-family residential units made up an estimated 23% of Santa Fe’s nearly 42,000 housing units.