By Ron Davis
– Reporter, Albuquerque Business First
Come late 2023 or early 2024, a new option for renting will be available at The Trails master-planned community.
Kevin Wechter, principal of SanDiego-based PacVentures Inc.,confirmed to Business First that hiscompany hopes to break ground onthe 333-unit The Preserve atWoodmont in December or nextJanuary. The project will be located onAlbuquerque’s Westside off Paseo delNorte at The Trails, he said.
The Preserve at Woodmont will bePacVentures’ first multifamily projectin Albuquerque, which will total about $70 million. Wechteranticipates the buildout to last about two years.
“It’s adjacent to the Petroglyphs, open space — we just feel like it’s a terrific neighborhood. The housing market here has exceeded our expectations,” he said.
The planned monthly rents were unknown as of Wednesday for the one, two and three-unit options at The Preserve. The apartments will be considered Class A, or luxury apartments, Wechter said. Dallas-based Humphreys & Partners Architects will handle the design of the project, he said.
PacVentures partnered with Price Land Development Group, which is acting as PacVenture’s representative, Wechter said. Price Land Development group is developing 245 single-family home lots for PacVentures.
Business First spoke with Garret Price about his company’s plans to deliver 777 lots from July 2020 through the end of the calendar year of 2021, plans that include PacVentures’ 245-lot subdivision.
PacVentures also owns about 40 acres available along Paseo del Norte near The Trails that is available to sell or include in a joint venture, Wechter added.
The Trails community has recently brought the attention of both homebuilders and multifamily development companies. Earlier this year, Business First reported on Nevada-based MultiGreen Properties planning more than 300 rental units at The Trails. Eventually, MultiGreen hopes to add another 900 to 1,000 rental units to the development over the next seven to eight years.
According to Yardi Matrix’s June multifamily report, Albuquerque saw a 13.6% overall year-over-year increase in rent growth. Yardi Matrix, a national website that compiles commercial real estate intelligence, surveys the rental rates on market-rate properties that have more than 50 units. It conducts full-market surveys three times a year, according to its website. Both local and outside experts anticipate the trend of rising rents in Albuquerque will continue.
