Branch Design Breaks Ground on 176-Unit Market-Rate Apartments in Sante Fe

Branch Design and Development announced it would break ground on the 176-unit San Isidro Apartments in Santa Fe this week. The New Mexican reported that this was Santa Fe’s first large market-rate apartment community in 15 years. The financing for the project is provided by Key Bank Real Estate Capital, while the construction and permanent loan is guaranteed by the U.S. Department of Housing and Urban Development, the New Mexico Business Weekly reported.

Branch Design and Development announced it would break ground on the 176-unit San Isidro Apartments in Santa Fe this week. The New Mexican reported that the developer stated this is Santa Fe’s first large market-rate apartment community in 15 years.

The financing for the project is provided by Key Bank Real Estate Capital, while the construction and permanent loan is guaranteed by the U.S. Department of Housing and Urban Development, the New Mexico Business Weekly reported.

The first of several buildings should be available for occupancy in June of next year, according to an official statement from the company. Conceived in 2004 as a master plan community, San Isidro Village will soon be able to offer its 1,700 residents a community where people could work, play, live, eat and shop without ever needing their car, said Jeffrey Branch, the project developer. Apart from the apartments, the complex will include a swimming pool, community center, fitness center, barbecue area and hot tub. Branch Design also plans to build a 3-acre neighborhood park that will include a “mini soccer field, basketball court and play structure, according to The New Mexican.

In other multifamily news, Aragon Holdings acquired Broadstone Towne Center, a 240-unit multifamily property located near the Albuquerque International Sunport. The seller of the property is Alliance Residential LLC, a buyer and developer in Albuquerque.

New Mexico Business Weekly reports that the Class A property, which was completed in 2009, is currently 95 percent occupied. The deal represents one of the largest apartment complex acquisitions this year in the Duke City, although financial terms were not disclosed.

Photo rendering of Broadstone Towne Center, courtesy of ForRent.com

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