Albuquerque-based Price Land Development Group (Price) continues to do their part to address the ongoing housing crisis in New Mexico by preparing 2,000 additional residential lots across the market over the next five years. The deeply rooted New Mexico company is providing options for a diverse group of homebuyers, from entry-level and build-to-rent, to move-up communities in and around Albuquerque and Santa Fe as it expands its services and partnerships.

“We’re grateful a range of housing solutions are coming,” said Price Land Development Group founder and Albuquerque native Garret Price. “These options are urgently needed throughout New Mexico, and as a locally based developer we see first-hand how the right timing, partnerships and type of homes being delivered are good news for everyone.”

Throughout 2024, Price will be working on 544 residential lots on a variety of projects including one national partner Price encouraged to expand into New Mexico:

• Bedrock is a highly anticipated build-to-rent community Price is working on in Albuquerque. Price and development partner LaTerra will deliver 344 townhomes and single-family detached homes as part of the state’s largest qualified opportunity zone residential project. The highly-amenitized community is anticipated to feature co-working areas, pet-friendly parks, BBQ, resort-style pools, fitness centers and spas as well as a clubhouse. Bedrock is California-based developer LaTerra’s first New Mexico project.
• Aspire Phases 3 and 4 totaling 200 lots for D.R. Horton is another big project beginning in 2024. This month Price started developing 83 lots (Phase 3) which it anticipates will be complete Q4 of this year. Aspire’s remaining 117 Phase 4 lots are anticipated to be complete in early 2025. Both phases are two years ahead of original underwriting assumptions. Upon completion of Phase 4 Price will have delivered 506 entry-level lots to D.R. Horton in southwest Albuquerque within the Aspire community.

Price’s expanded services include their newest division – Price Construction Services – which allows them to drive new business through the ability to fee develop. This expansion enables Price to deliver even more homes to the market at a time when they are sorely needed, as well as allowing them to partner on a wider variety of projects. This division launch has been so successful that Price will grow its construction management staff in 2024 to accommodate demand for these services, as well as manage current and future internal Price projects.

As 2024 kicks off, Price has also just wrapped up several of their projects including:

• Los Diamantes with developer Pierre Amestoy is one of the top pacing communities in the market per recent Zonda reports. Price is proud to be finalizing this project after fast-tracking 493 single-family lots and delivering them to Pulte Homes, D.R. Horton and Hakes Brothers in south Rio Rancho.
• Colibri in Santa Fe is also complete. From acquisition and development, to serving as general construction manager, this four-year project for Price was a success due to collaborative efforts with Pulte and the county. All together Price sold 232 residential lots to Pulte who continues to offer a great range of homes within the Colibri community in Santa Fe to homebuyers.
• Finally, Price completed 174 residential lots in Seasons at Monarch in the Mariposa master-planned community in northern Rio Rancho. Set on 400 acres, the neighborhood represents builder Richmond American Homes’ first foray into New Mexico. Price’s last step for Seasons is to put the finishing touches on a neighborhood park.

Price added, “These projects generate new jobs for our local communities, increase tax revenue and create new housing options amidst our state’s housing shortage. We’re grateful for each opportunity to enhance our home state and partner with firms similarly focused on creating lasting, high-caliber communities for New Mexicans to proudly call home.”

Since May 2017, Price has contributed significantly to healthy economic growth in the area while preserving the unmatched beauty of New Mexico. Additionally, in its six-year history, Price has developed 70 acres of parks, trails and open space in the communities of Colibri, Seasons at Monarch, Aspire, Trails, Los Diamantes, Jemez Vista, Bedrock and High Range. These communities feature desirable amenities including neighborhood parks, picnic ramadas, basketball courts and dog parks.

To learn more about how Price Land Development Group continues to preserve the beauty of New Mexico while contributing to healthy economic growth, visit pricedevgroup.com