Report: Almost 3,000 multifamily units under construction
The recently released fourth quarter 2023 Multifamily Research Report from Colliers, a commercial real estate firm, sheds light on the completed housing units and units under construction in the Albuquerque area.
There were 550 units constructed in Albuquerque in the fourth quarter of the year, according to a Colliers news release. Completed properties during the quarter include Monterey Place at 2320 Central NW and Allaso Journal Center at 7800 Headline Blvd. NE.
At the end of 2023, 2,913 units were under construction and 2,393 are expected to be completed in 2024, according to the news release.
Multifamily properties currently under construction are sprinkled around the greater Albuquerque area, including Downtown, Mesa del Sol, the far Northeast Heights, North Valley, University, Uptown, West Mesa, North Interstate 25 as well as in Rio Rancho.
The most active sellers, by the number of properties sold were David A. Burns with 224 units ($12.4 million), Greer Enterprises with 132 units ($22.7 million), Wakeland Housing & Development with 120 units ($10 million), and Reliant Group with 120 units ($24.1 million), according to the news release.
The most active buyers were Landmark Realty with 224 units ($12.4 million), Cooper Street Capital with 132 units ($22.7 million), James R. Deemer with 120 units ($10 million), and Continental Realty Group with 120 units ($24.1 million).
In the last quarter of 2023, rents were up 0.3%, with a rate that was well below the market’s five-year average of 8.5%, according to the news release. The occupancy rate settled at 93.6%, dropping 1.2 percentage points over the past year. Albuquerque ranked No. 27 in the west region and No. 105 nationally for recent annual rent change performance.
More information is available at colliers.com/newmexico.