Albuquerque, NM(KKOB) –In an effort to expand affordable housing options in the Albuquerque metro area, Bernalillo County has purchased the Poblana Place Apartments, an 84-apartment home complex at 2818 Fourth St. NW. The complex is four stories, sits on 1.3 acres and has the capacity to provide homes for up to 234 people. It has been serving tenants at below-market rental rates but recently went up for sale.
The purchase of the complex was made thanks to the $80 million for housing needs in the county and Albuquerque approved by the state legislature and deployed by the New Mexico Department of Workforce Solutions Office of Housing.
“The investment in Poblana Place puts 84 units in a walkable transit corridor into permanent affordability,” says NMDWS Cabinet Secretary Sarita Nair. “We know New Mexico needs an ‘all of the above’ approach to tackling the housing crisis, and this initiative shows that we have many tools, in addition to new construction, that can help us achieve our goals.”
The cost of the apartment complex was $17.85 million and was made on Sept. 30. Since then, the county has reached out to residents and businesses within a one-mile radius of the facility to update them on the purchase and assure them of its mission to be a good neighbor.
“We cannot just purchase properties and preserve affordable housing; we need to engage our community partners and neighbors,” says Commissioner Barbara Baca (D1). “‘BernCo Builds Communities’ means creating housing and building the sense of community that truly supports our residents.”
Prima Asset Management, a local property management firm, is running the property for 4% of the gross total revenue from rent and other sources.
The monthly rents at Poblana Place are static and range from $1,395 for studios and one-bedroom homes to $1,800 for 2-bedroom homes. Eligible renters earn annually between 30% and 120% of the Area Median Income (AMI), with most falling in the 80% range ($51,200 for one person up to $78,950 for a five-person household). The AMI is the midpoint of local income distribution, with half of the households earning more and half earning less.
Over time, Bernalillo County will phase in seniors and displaced youth as residents and will offer services based on their needs.
