(Albuquerque, NM.)—June 15, 2021 – Albuquerque-based Price Land Development Group will deliver 33 percent of the lots needed for new home supply in the Albuquerque MSA, based on Zonda’s projected number of new home starts in 2021.
Zonda expects the Albuquerque market to grow between 15 and 20 percent in 2021 for home starts and closings, which would put builder activity at its highest level since 2007. As a result, Price Land expects to deliver approximately one third of the lots needed to maintain growth projects in the local market.
Since May 2017, Price has been quietly building their customer base and lot supply. Now, as they prepare to celebrate their four-year anniversary, Price has developed a true balance between their own assets and partner assets. During the past four years, they’ve developed meaningful partnerships with a number of local and regional groups where Price serves as the asset manager. This includes projects such as The Trails, Los Diamantes, Entrada at High Range as well as Monarch at Mariposa with Harvard Investments.
“Within weeks of leaving my role as the local Vice President of PulteGroup, we formed our new company and immediately began to identify, negotiate, acquire and entitle projects. Four years later, these projects are the foundation of the company,” shared Price Land Development Group founder Garret Price. “Those projects include Jemez Vista at Mariposa, Colibri, Aspire and most recently Esencia. “In addition to these Price assets, we are very fortunate to have built a great client base for our asset manager operations, which include Rio Rancho’s Los Diamantes and Monarch at Mariposa as well as The Trails located in NW Albuquerque. This deliberate mix of our own assets and asset manager partnerships creates a balanced yet diversified portfolio that allows us to grow in a measured and strategic way and keep our efforts focused.”
What’s next for Price? The team’s future is bright. They’re currently working on the Los Diamantes multi-year project and will deliver several hundred more lots at the location in Rio Rancho. They are also working at The Trails to deliver the next phase which is a Class A 333-unit, garden-style multifamily community within this master plan, which will complement the 245 single-family homes that they are currently developing . At Aspire, they will deliver 151 of the 506 homes for DR Horton and another 116 lots for a national homebuilder in Santa Fe.
“We hired Price Land Development in early 2019 to serve as our local development consultant and construction manager of a 100-acre site we acquired in western Albuquerque. In two years of working together, I have been very impressed with Garret Price and his entire team as they have treated this project as their own, providing a deep expertise in land planning, entitlements, land development and construction management. Garret has assembled an impressive team offering in-house mastery in various fields including civil engineering, financial analysis and market research. Garret’s deep market knowledge, local relationships and single-family development expertise have been just what we needed to navigate through various bumps in the road,” shared Kevin Wechter, president of PacVentures, Inc.
“Our team has been successful due to our partnerships and the local municipalities we work with,” said Price. “We are a part of the community and have a long-term commitment to being a true partners with the cities we work in such as Rio Rancho, Albuquerque and Santa Fe.”