SPECIAL FOCUS: AFT’s Top 50
Apartment Markets
APARTMENT FINANCE TODAY • OCTOBER 2007
NO. 15 • SANTA FE: Magic Spell
By Dana Enfinger
Santa Fe, N.M., has long attracted
those seeking breathtaking mountain
vistas and a vibrant art scene. The
area presents a special allure for apartment
investors looking for markets with
high barriers to entry.
“It’s very difficult to develop in Santa Fe
because the residents are very involved in
the process, and getting water rights is
expensive,” said Tony Allegretti, general
manager for Wiv Co., LLC, a locally based
real estate developer. “Plus, 30 percent of
all new developments must have an affordable
housing component. You have to be
very creative to find a way to pay for your
project.”
According to Census figures, no new
multifamily permits for Santa Fe for five or
more units were issued between 2000 and
2006. Also, Santa Fe is one of the most
expensive markets for homebuyers. But
there are ways into the market. Developers
will have to get used to working closely
with residents to get deals done, said
Allegretti.
“We’ve had 52 meetings over the past
four years involving our latest project,” said
Allegretti. “Right now, the way our solar
panels look concerns people. It’s exhausting
but worth it.”
Wiv Co. has developed the live/work
concept at two properties: The Lofts at
Cerrillos and The Lofts at Marquez Place,
totaling a combined 164 units. In the works
for Wiv Co.: More live/work lofts, 21 residential
units above office and retail space
at the newly developed Santa Fe Railyard
area, known as The ArtYard. The city purchased
50 acres of the land near the heart
of downtown with the help of the Trust for
Public Land in 1995 for about $24 million.
Rail service will connect the mixed-use
project to the city of Albuquerque, about
65 miles to the northeast.
“There’s a need for more housing for
the middle-class here,” said Allegretti.
“Those are the people we are targeting.”
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