LaTerra Development, one of the largest real estate developers in the Southwest specializing in multifamily residential and self-storage, has joined forces with experienced Opportunity Zone investor, Revitate to break ground on Bedrock, a new Build-to-Rent community in Albuquerque. As New Mexico’s largest residential project within a Qualified Opportunity Zone, Bedrock will feature 202 townhomes and 142 single family detached homes with two amenity/leasing centers as well as co-working areas, pet-friendly parks, BBQ areas, pools, fitness centers, spas and a clubhouse. A ground-breaking celebration was held November 16 at the new neighborhood in northwest Albuquerque on the southeast corner of Woodmont Avenue and Paseo del Norte.

“Our partnership with Revitate on this project aligns with LaTerra’s mission, which is to bring new energy and capital into neighborhood communities while remaining consistent with local values,” Charles Tourtellotte, CEO for LaTerra said. “Albuquerque is a region that is positioned for ongoing economic development and Bedrock allows us to create jobs, invest in the community and expand access to housing options.”

In addition to partnering with local Albuquerque engineering firms, consultants and subcontractors, LaTerra has joined forces with New Mexico native Garret Price, President of Price Land & Development Group. Price and his team assisted with procuring the recent site plan approval, serve as fee developer and act as the local owner’s representatives for Bedrock and LaTerra. Price shared that this submarket of Albuquerque is the perfect market for LaTerra Development, with strong single-family rental fundamentals, including a 27.1 percent rent growth in 2021 and a 73.8 percent 10-year rent growth.

“The area experienced 19.2 percent population growth (2010-2022) within a three-mile radius of the Bedrock property,” Price said. “A high-performing K-12 school is within walking distance of the development, plus several significant employers are within a half-hour drive of the property, including Netflix, NBC Universal, Amazon, Intel, Sandia Labs, and Meta, furthering the positives for developing in Albuquerque.”

This marks the first significant project for LaTerra Development and Revitate in New Mexico. LaTerra, a real estate development company headquartered in Los Angeles, is a leader in developing mixed use projects in Sun Belt markets across the United States. Revitate’s leadership has deep expertise in opportunity zone investing, having led or co-led over 15 opportunity zone projects in excess of $1.4 billion in project value. With Bedrock, Revitate continues its focus on facilitating development of new housing and industrial developments in emerging cities across the country. Working together, LaTerra and Revitate broke ground on this game-changing Albuquerque project that has attracted investors from across the United States due to the project’s Opportunity Zone designation.

“Bedrock exemplifies so much of what Revitate seeks to accomplish in our opportunity zone investing,” said Alex Bhathal, Executive Chairman of Revitate. “We love marshalling new energy and capital into up-and-coming cities like Albuquerque, and then working with top-tier developers like La Terra to generate significant potential value to both investors and communities alike. We are proud to celebrate this milestone and look forward to completing this beautiful project to help meet the growing demand for residential housing in Albuquerque.”

Albuquerque City Councilor Dan Lewis said the new community will bring many positive aspects to their growing area.

“LaTerra’s impeccable track record, as one of the largest developers in the Southwest with an estimated $3 billion in project value at completion in just over a decade across multiple states, while distinguishing itself in each market with innovative, thoughtful design, is a remarkable partner for our area and will create much needed housing options in Albuquerque,” said Lewis. “The project’s nine-figure investment will take approximately two and half years to complete, generating jobs and increasing tax revenue while finding ways to deliver a relatively new type of housing to our market.”

Future residents will enjoy the location of Bedrock, located northwest of Albuquerque, with Petroglyph National Monument just a few miles away to the southeast. The monument area encompasses about 7,200 acres of cultural and national resources, with an estimated 24,000 carved images by ancestral Pueblo peoples and early Spanish settlers. Bedrock is also just six miles from the extensive trail network of the Bosque which runs along the famous Rio Grande River.

Community members will find three different architectural styles available, creating a cohesive yet unique look in the community. The amenity and multifamily buildings are designed with a Monterey-Santa Barbara vernacular and feature concrete S-tile roofing, timber-like detail elements and colorful Spanish tile. The townhomes feature a Spanish Colonial style with unique stucco archways and colorful Spanish tile accents at entry doors. The single-family homes have a desert contemporary look with stone-finished massing detail at entry porches.

About Price Land Development Group
Price Land Development Group (Price) is a consultancy and development company specializing in acquisition, entitlement and development of residential communities and residential / mixed-use master plans in New Mexico. Led by President, Garret Price, Price’s portfolio includes several quality master-planned communities including, Mariposa, The Trails, Los Diamantes and Colibri. Prior to forming PLDG in May 2017, Garret spent the previous 14 years as Vice President of PulteGroup’s land operations and was responsible for growing the New Mexico Division’s market share and profitability for their Centex, Pulte and Del Webb brands by utilizing aggressive growth through market and consumer segmentation. Learn more at pricedevgroup.com