The Dallas-based office of Trez Capital announced the closing of a construction loan for Austin-based developer JLM Living to develop the build-to-rent community in Albuquerque, The Eleanor Rio Rancho Cabezon.
The Eleanor Rio Rancho Cabezon is located at 2300 Westside Boulevard SE in the Cabezon neighborhood near the Village at Rio Rancho across from Presbyterian Rust Medical Center. The property sits on 10.6 acres and will feature 126 single-family and duplex homes ranging from 650 to 1,500 square feet. Homes feature attached garages, energy efficient smart homes with special app features, direct street access and a view for every unit. Residents will also enjoy a luxury amenity center with separate clubhouse and fitness buildings, along with a pool and common green spaces.
The development brings a fresh approach to the rental market by focusing on building high-quality, purpose-built rental homes. With an emphasis on contemporary design, thoughtful amenities, and a sense of community, The Eleanor Rio Rancho Cabezon offers an enhanced living experience for its residents.
“As the demand for rental housing continues to rise, build-to-rent communities offer an attractive alternative to traditional apartment living. With their forward-thinking design, modern amenities, and community-focused approach, JLM Living is addressing the growing demand for quality rental homes and providing a sustainable housing option for the region,” said Jason Stowe, senior managing director, U.S. origination at Trez Capital. “The Eleanor Rio Rancho Cabezon is poised to meet the evolving needs of individuals and families in the Albuquerque area. The opening of this new housing development marks an exciting milestone in the city’s real estate landscape.”
As the largest city in New Mexico, Albuquerque serves as the state’s economic, cultural, and entertainment hub. According to the U.S. Census Bureau, Rio Rancho’s population has increased by 200,000 people in the last decade. Albuquerque’s economy is diverse, with key works sectors that include technology, aerospace and defense, healthcare, and tourism. Per a recent Wall Street Journal article, Albuquerque is one of the new job hot spots. The city is home to several major employers such as Sandia National Laboratories, Kirtland Air Force Base, and the University of New Mexico.
Trez Capital provides private financing to property developers for a variety of purposes including acquisition, refinancing, horizontal development, vertical development, land banking/lot banking and bridge financing on property deemed suitable to our investment strategy, namely: tracts and properties of all sizes and types (multi-family, single-family residential lot development, mixed-use, select serve hospitality, self-storage, industrial and retail).
