Construction has officially begun on a new affordable housing development in Rio Rancho, known as Sandoval Flats. The project, spearheaded by developer Dominium, is expected to consist of 216 units and carry an estimated cost of nearly $100 million. Pavillion Construction has been selected as the general contractor for this New Mexico-based project.
Sandoval Flats will feature a variety of amenities including a clubhouse, fitness center, playground and pool with outdoor space for residents to enjoy. Rent prices will be set at or below 60% of the area’s median income.
The financing for this project includes multiple sources such as tax-exempt construction loans from Barclays and Greystone Housing Impact Investors LP, Forward TEL commitments from Freddie Mac serviced by Greystone, tax-exempt subordinate bonds from Colliers,and an equity investment in federal low-income housing tax credits through WNC.
According to reports from Albuquerque Business First , this marks Dominium’s second venture into the Albuquerque market. The company recently acquired Villa Hermosa apartment complex located at 2600 Americare Court NW for $28.3 million and plans to invest an additional $11.5 million towards renovations.
