New $30M Westside Apartment Complex on the Rise
- Oct 24, 2013
The largest sale in 2011 for a multifamily project in the Albuquerque area is now ground for preliminary works on what will become an upscale apartment complex. Andalucia Villas will occupy 16.5 acres at Coors and Montaño in the Westside of the city, close to the Bosque School. The buyer and developer, Bay Hill Development LLC, was represented by NAI Maestas & Ward.
The estimated cost for the project is of $30 million, with land acquisition included. In August a building permit has been issued by the city for the $18.8 million construction of the 240-unit apartment community at 5300 Antequera NW. The Andalucia Villas will be green certified and will total 380,188 square feet, probably including rental garages. A clubhouse and other amenities will complete the residential development.
The project manager at Andalucia Villas is Mike Bauduin, and the general contractor is Louisiana-based List Construction. Construction is scheduled to be finalized in the third
quarter of 2014.
Vacancy in Albuquerque metro increased in the second quarter to 6.6 percent, according to a Marcus and Millichap report. Marcus and Millichap forecasts a drop in the vacancy rate to 6.3 percent by the end of the year. Construction of rentals increased from last year, from 144 to 219 units, the first 96 units being delivered in the first half of the year.