A development team in Albuquerque is moving forward with a two-phase affordable multifamily community on the city’s west side, committing $51 million to build 272 income-restricted apartments. The first phase of the project, known as West Mesa Ridge A, will rise at 724 64th St. NW in the Atrisco neighborhood and will initially deliver 128 units.
West Mesa Ridge A represents the opening phase of a larger plan that will ultimately bring an additional 144 units in a second construction phase. According to the development team, Phase 2 is scheduled to be completed by December 2028, positioning the overall community as a longer-term addition to the local affordable housing stock rather than a single-phase delivery.
The project is being developed by Chelsea Investment Corporation in partnership with YES Housing, combining two groups with a stated focus on affordable and community-oriented residential development. West Mesa Ridge A is planned as a multifamily community intended to serve residents in and around the Atrisco neighborhood, an established residential area on Albuquerque’s west side.
Chelsea Investment Corporation brings a substantial affordable housing track record to the venture, having developed more than 150 affordable communities at a combined cost of over $2 billion. The firm’s prior work spans special needs housing, senior housing, rural communities, and mixed-use developments, reflecting a range of product types within the affordable segment. That history provides context for its role in West Mesa Ridge and its focus on delivering below-market housing at scale.
YES Housing, which describes its founding in 1990 as rooted in a mission to build and revitalize communities, is also closely aligned with the project’s affordability goals. The organization emphasizes the pairing of quality, affordable housing with accessible social services, signaling that West Mesa Ridge fits within a broader community development and services platform rather than operating as a stand-alone asset.
Project delivery is supported by a group of design and construction partners. JN Beach Construction is serving as the general contractor for West Mesa Ridge A, overseeing the build-out of the initial 128 units. Architecture is being provided by Jeebs & Zuzu, which is responsible for the community’s design and layout as the project moves through its phased construction schedule.
The capital stack for West Mesa Ridge A is structured around a mix of private and public-sector financing sources. The project is being financed by California Bank & Trust, Housing New Mexico MFA, U.S. Bank, the city of Albuquerque, the Albuquerque Housing Authority, and Bernalillo County. This combination of commercial banks, state-level housing finance participation, and local government and housing authority support reflects a multi-layered approach that is common in larger affordable housing transactions.
Once both phases are complete, West Mesa Ridge is expected to represent a 272-unit affordable multifamily community in the Atrisco submarket, adding new supply for residents who qualify for income-restricted housing. While specific rent levels, affordability thresholds, and resident services for the project have not been detailed, the involvement of established affordable housing developers and public agencies positions the community as part of the region’s long-term housing strategy.
