Altitude at Vizcaya Archives - Northland https://northland.com/tag/altitude-at-vizcaya/ Just another WordPress site Tue, 08 Sep 2020 13:33:32 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 Altitude at Vizcaya, a Santa Fe luxury apartment development, nears opening date https://northland.com/altitude-at-vizcaya-a-santa-fe-luxury-apartment-development-nears-opening-date/ Tue, 08 Sep 2020 13:33:32 +0000 https://northland.com/?p=14892 Albuquerque Business First September 4, 2020 By Ron Davis   New apartments that offer 10-foot ceilings, stainless steel appliances and private balconies and patios and more will soon be available for rent in Santa Fe.   Northland Investment Corp., a Boston-based real estate private equity firm, confirmed it began leasing for the 52-unit Altitude at Vizcaya development. […]

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Albuquerque Business First

September 4, 2020

By Ron Davis

 

New apartments that offer 10-foot ceilings, stainless steel appliances and private balconies and patios and more will soon be available for rent in Santa Fe.

 

Northland Investment Corp., a Boston-based real estate private equity firm, confirmed it began leasing for the 52-unit Altitude at Vizcaya development. The residential development is near U.S 285 and Rodeo Road. Units will be available Oct. 1, according to the website.

 

Altitude at Vizcaya has floor plans that range from 848 to 1,207 in square feet, which range from $1,499 to $1,585 in monthly rent. Other amenities include chef’s kitchens, a washer and dryer and in every unit and two heated swimming pools on the property.

 

“Northland is committed to expanding our development platform within our long-term ownership markets across the southwest and southeast that offers a high-quality lifestyle. We are thrilled to do exactly that in Santa Fe with the opening of Altitude at Vizcaya,” said Santo Dettore, a development director at Northland in a statement. “This modern property will introduce a high-end, best-in-class product to the city’s undersupplied housing market on what was previously an undeveloped lot. We believe Altitude will offer a fantastic, brand-new living option to the residents of Santa Fe.”

 

Dettore said “a number of leases” have been signed since the company began leasing in August.

 

Northland broke ground on it’s fifth New Mexico development in September 2019. In total, the company has built more than 1,500 units and invested at least $300 million in the state, according to a news release.

 

Albuquerque-based companies Bradbury Stamm Construction Inc. and Dekker/Perich/Sabatini were the project’s general contractor and architect. Northland went through Santa Fe firm JenkinsGavin for land use and entitlements, according to a release.

 

Last month, Business First reported outside investors have been attracted to New Mexico for its population density and its effort to combat the Covid-19 pandemic and large investment from giants like Amazon, Facebook and Netflix.

 

Northland echoed those sentiments.

 

“You see job growth, population growth. You see great fundamentals like Netflix coming to Albuquerque,” Dettore said. “There’s a great fundamental basis of an economy in Santa Fe and Albuquerque that we continue to see growth and we’ve had a great experience thus far.”

 

Renters occupied about 37% of Santa Fe’s housing units, according to the 2018 U.S. Census Bureau data. Multi-family residential units made up an estimated 23% of Santa Fe’s nearly 42,000 housing units.

 

View the article: https://www.bizjournals.com/albuquerque/news/2020/09/04/santa-fe-luxury-apartment-development-opening-date.html

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Altitude at Vizcaya, Broadstone usher in next generation of Santa Fe apartments https://northland.com/altitude-at-vizcaya-broadstone-usher-in-next-generation-of-santa-fe-apartments/ Tue, 25 Aug 2020 14:04:15 +0000 https://northland.com/?p=14849 Santa Fe New Mexican August 25, 2020 By Teya Vitu     The newest pair of apartment communities — both just blocks apart on Rodeo Road — are the first to open among 17 multifamily projects that have started construction in Santa Fe since 2018.     Broadstone Rodeo has filled its first 97 units […]

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Santa Fe New Mexican
August 25, 2020
By Teya Vitu

 

 

The newest pair of apartment communities — both just blocks apart on Rodeo Road — are the first to open among 17 multifamily projects that have started construction in Santa Fe since 2018.

 

 

Broadstone Rodeo has filled its first 97 units in six buildings since February, with six more buildings still under construction. All 188 units at 1475 Rodeo Road should be complete by October, said Josh Rogers, director of multifamily development at Titan Development, Broadstone’s developer.

 

 

Across St. Francis Drive, the 52-unit Altitude at Vizcaya at 543 Rodeo Road expects to move in tenants Oct. 1 after starting construction of the four-building complex in September 2019. Altitude is the third and long-awaited phase of Vizcaya. The first two phases, among the two largest apartment complexes in Santa Fe with 416 combined units, opened in 1985 and 1990 across Sawmill Road from each other.

 

 

“Altitude is a little more modern with little larger windows, little higher ceilings and updated interiors,” said Santo Dettore, director of development at Northland Investment Corp., which owns and operates the Vizcaya properties. “It will feel like one community. Altitude will use the Vizcaya entrance. People will notice Altitude is a new building, but it won’t feel out of place.”

 

 

Newton, Mass.-based Northland acquired the existing Vizcaya properties in 2016 and in 2018 added the neighboring 2.6 acres where Altitude is being built. Dettore noted a third Vizcaya phase on that property had been under consideration for years.

 

 

Northland also acquired the existing Altezza High Desert and Arterra, both in Albuquerque, and The Links at High Desert in Rio Rancho. Altitude at Vizcaya is Northland’s first construction in New Mexico, Dettore said.

 

 

“We see a great demand story in Santa Fe,” he said. “Our on-site team keeps telling us the demand is through the roof.”

 

 

But the company has no other Santa Fe projects planned at this time.

 

 

Another 15 apartment projects have started construction in the past two years that will add 1,304 units to the Santa Fe apartment market — 1,544 units including Altitude and Broadstone. Another 25 apartment projects with 1,716 more units are in various city approval and permitting stages, according to city statistics.

 

 

Dettore sees young professionals and older people downsizing from houses as the typical tenants for Altitude. He noted its proximity to downtown and to Christus St. Vincent Regional Medical Center and Presbyterian Santa Fe Medical Center for hospital workers choosing Altitude.

 

 

Rogers said many Broadstone residents work in Santa Fe but were commuting from Albuquerque, even from Las Vegas, N.M.

 

 

“We’re getting lots of people who have wanted to live in Santa Fe for years but couldn’t find anything,” Rogers said.

 

 

Broadstone and Altitude are both market-rate apartments. Apartments.com lists Broadstone monthly rents at $1,400 to $1,500 for one bedroom and $1,755 to $2,030 for two bedrooms. Dettore said one-bedroom units at Altitude will be $1,500 and two bedrooms $1,700.

 

 

Altitude will have 36 one-bedroom units averaging 925 square feet and 16 two-bed units averaging 1,207 square feet. Broadstone Rodeo has 78 one-bedroom units with 750 square feet, 92 two-bedroom units between 1,000 and 1,200 square feet and 18 three-bedroom units at 1,350 square feet.

 

 

Dettore believes Altitude will have the highest apartment ceilings in Santa Fe at 10 feet, with 8-foot-tall windows, granite countertops in the kitchen and bathroom, 42-inch-tall kitchen cabinets and stainless steel appliances.

 

 

Decker/Perich/Sabatini of Albuquerque was the architect, the same firm that designed the first two phases of Vizcaya. Bradbury Stamm Construction of Albuquerque is the general contractor.

 

 

Northland owns and manages 79 apartment communities in nine states with 50 in Florida and Texas and the rest in New Mexico, Arizona, Colorado, North Carolina, South Carolina, Georgia, Connecticut and Massachusetts.

 

 

Broadstone is the first large-scale apartment community to open in Santa Fe since the southwest-side San Isidro Apartments in 2014. The other large-scale apartment projects under construction are the 139-unit Capital Flats on Cordova Road behind Natural Grocers, the 240-unit South Meadows near N.M. 599 and the 189-unit Markana de Santa Fe on Richards Avenue between Home Depot and Walmart. The 240-unit Turquesa Apartments behind Santa Fe Place will begin construction soon.

 

 

Titan Development in Albuquerque is co-developing Broadstone with Phoenix-based Alliance Residential Co., which is also the general contractor and is operating Broadstone Rodeo. Whitneybell Perry Architects of Phoenix was the architect. Construction began in June 2018.

 

 

Broadstone units have 9-foot ceilings, wood-like flooring, granite countertops and tile backsplashes, breakfast bar counter, goose neck sink, washer and dryer, and Wi-Fi-enabled thermostat control.

 

 

Broadstone and Altitude at Vizcaya both paid the city fee in lieu of providing affordable housing, as did nearly all the other larger apartment projects in the works with more than 100 units. The 58-unit Railyard Flats was the first project to open using the in-lieu payment in May 2018.

 

 

Developers of the 233-unit Casa Azul on Airport Road are pledging to provide 35 units at affordable prices as determined by U.S. Department of Housing and Urban Development metrics.

 

 

View the story on https://www.santafenewmexican.com/news/business/altitude-at-vizcaya-broadstone-usher-in-next-generation-of-santa-fe-apartments/article_23f01634-e15b-11ea-980d-47fd45866151.html

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