Highlands North is a 92-unit, surface parked urban multifamily project with a main four-story building and four surrounding carriage buildings in The Highlands masterplan in Albuquerque, New Mexico.
The amenities include a resort-style pool, state-of-the-art fitness center, and impressive clubhouse space. These community amenities are matched by the location’s walkability to neighborhood amenities such as public transportation, numerous restaurants and bars, and large employers. The project is the seventh partnership with Alliance residential. There is a projected shortage of 1,054 multifamily units in Albuquerque by 2020.
The site is located in a City of Albuquerque Metropolitan Redevelopment Area (“MRA”). The MRA eliminates impact fee payments. Additionally, the MRA allows for the issuance of Metropolitan Redevelopment Bonds (“MRBs”). These bonds deliver seven years of property tax abatement starting from the completion of the project. These municipal incentives contribute to the project’s profitability.