Legacy at Cabezon can accommodate 156 units that are expected to quench the staggering demand for apartments in the Albuquerque MSA. The plans feature high-end, luxury interiors and community amenity sets, including nine-foot ceilings, USB charging stations, a luxury swimming pool, clubhouse, and fitness center.
Legacy at Cabezon features an opportunity to develop in the Westside/Rio Rancho submarket which saw zero deliveries from 2020 through 2022. During this same time period and rental rate run-up, the submarket experienced elevated occupancies that remain true today, the micro-market which encompasses over 10,428 units rests at a 95.8% occupancy rate as of the end of Q2 2023. Additionally, the Albuquerque market, and specifically Rio Rancho, remain unaffected by concessions and occupancy challenges seen by larger Sunbelt Markets.
The combination of mitigated developer’s risk via a shovel-ready site, HUD approvals, desirable luxury design plans, and still superb supply and demand fundamentals in Albuquerque create a unique opportunity for investors that is difficult to find the in the Sunbelt today.