The planning, entitlement, and design of Pedrena Apartments, an affordable housing complex for Las Cruces senior citizens, becomes a reality at 11 a.m. Monday, March 11, 2024, when groundbreaking ceremonies are conducted.
Source: City of Las Cruces
Pedrena Apartments, to be built at the northeast corner of El Paseo Road and Farney Lane will be a senior development – age restricted to residents 55-years old and older – and will contain 80 apartment units of one and two bedrooms. The cost to build the affordable housing apartment complex is $25,406,491.
All 80 units will be reserved for individuals and couples earning no more than 60 percent of area median income. The income and rent limits will be in place for 40 years.
Sixty percent of area median income for one person is an annual income of $27,180 or less. Sixty percent of area median income for a two-person household is an annual income of $31,020 or less.
The development team is led by Thomas Development Co., of Boise, Idaho. The company has developed 85 affordable apartment communities in the intermountain west including one in Albuquerque, one currently being constructed in Albuquerque, and one that will start construction in Albuquerque the week of March 18, 2024.
Northwest Integrity Housing Co., in Boise, Idaho, is a nonprofit housing developer. NIHC has developed 13 affordable apartment developments including a 96-unit family affordable development in Albuquerque.
The development team also includes:
- Crestline Construction: A general contractor in Las Cruces.
- Tierra West: An Albuquerque civil engineering and land use planning firm.
- erstad ARCHITECTS: A Boise, Idaho architectural firm that has assisted Thomas Development and NIHC with innumerable developments, including those in Albuquerque.
Of the 80 units to be built at Pedrena Apartments, 74 will be in a three-story building with central hallways and two elevators. The amenities will include in-unit washers and dryers, a business center, kitchen, library, exercise room, and a private meeting room for the provision of social services.
Outdoor amenities at Pedrena Apartments will include a dog park, and a patio with outdoor furniture and a barbecue. Additionally, ADA compliant access to Frenger Park will be constructed.
The apartments also will be located on a RoadRUNNER Transit route with good proximity to shopping, medical, dental, and community services.
The City of Las Cruces has been instrumental in assisting with development resources which includes 14 components of debt and equity on the balance sheet. The complexity of financing for the project, compiled by City staff, includes:
- Cedar Rapids Bank and Trust – Permanent financing.
- CREA – Low Income Housing Tax Credit equity.
- City of Las Cruces – HOME, residual receipts, and Community Development Block Grant funds.
- New Mexico Mortgage Finance Authority – HOME, National Housing Trust Fund, and New Mexico Housing Trust Fund resources.
- Northwest Integrity Housing Co. and Thomas Development – Owner-developer loan.
The development is expected to be completed in the summer or early fall of 2025. Based on the market study and inquiries received from prospective residents, Pedrena Apartments is expected to be 100-percent occupied by December 2025.
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