Projects
The development team has a combined experience of over 60 years with development of housing and commercial real estate. The developers have built multiple projects. Below are the projects currently underway in Alabama, Texas, and New Mexico.
Encanto: Albuquerque, NM
Number of units: 318 units
Rentable square feet: 283,224
Development Cost: $65,600,000
Average unit size: 819
Rental rate: 1.73 (Avg. PSF/Mo.)
Converted to market rate units from LIHTC (Low Income Housing Tax Credit) after neighborhood objections.
Status: Stabilized
Chase Creek: Huntsville, AL
Number of units: 336 units
Rentable square feet: 324,312
Development Cost: $60,000,000
Average unit size: 1,004
Rental rate: 1.62 (Avg. PSF/Mo.)
Joint venture with Mesa Developers and The Michaels Organization (TMO).
Status: Stabilized
EMLI at Mesa Gardens: East Houston, TX
Number of units: 240 units
Rentable square feet: 268,500
Development Cost: $60,600,000
Average unit size: 1,260
Rental rate: 1.25 (Avg. PSF/Mo.)
Joint venture with Liberty EMLI, an established LIHTC developer from Dallas.
Status: Under construction
Wells of Artesia: Artesia, NM
Number of units: 198 units
Rentable square feet: 188,270
Development Cost: $40,000,000
Average unit size: 950
Rental rate: $0.95 (Avg. PSF/Mo.
Located in Artesia, NM, this family housing project was financed through a private placement bond and 4% Housing Tax Credits
Status: July 2022 closing date
Elk Meadows: Ruidoso, NM
Number of units: 72 units
Rentable square feet: TBD
Development Cost: TBD
Average unit size: TBD
Rental rate: TBD
Workforce project financed with 9% LIHTC and federal loans
Status: February 2025 closing date
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