ADDISON, TX - Trez Capital announced the closing of a $52 million construction loan for ViaVerde, a 171-unit, for-rent townhome development, and ViaVerde II, a 154-unit for-rent garden-style community, in Albuquerque. Sonata Green, a joint venture between Sonata Trails and MultiGreen Properties, is developing the rental townhome community, located within The Trails, a 400-acre mixed-use master-planned community, which began development in 2004 by Sonata Trails and its affiliates.
ViaVerde sits on 11.65 acres on Universe Blvd. NW and is the first phase within the for-rent townhome development that will eventually include over 1,000 additional rental units. ViaVerde will add to the current landscape of The Trails master planned development that currently includes over 1,200 homes and 260 rental townhome units as well as three schools, a church, baseball/soccer field sports complex, and a dog park. Upon completion, The Trails will comprise more than 2,200 apartment units and 1,600 homes total with 120,000 square feet of office and retail space, a hospital urgent care center, numerous parks and trails in addition to the already complete schools and church. ViaVerde is in a prime location with easy access to employment centers, shopping, and entertainment.
ViaVerde is designed to reach the Gold LEED standard. Each unit will have Energy Star rated appliances, WaterSense plumbing fixtures, better indoor air quality, 16+ SEER air conditioning units and many other features that will help lower ViaVerde tenants’ monthly utility bills.
In addition to the benefits of having a LEED certified project, ViaVerde will offer many smart home technologies to its tenants. These technologies include smart parking, smart lighting, thermostat control, entry access to their units and the community common areas, leak detection, smart parcel lockers and many other conveniences.
“Our team has built over 4,000 residential homes and apartments in Albuquerque since 1996, and we have a very good working knowledge of the local real estate market, as well as a strong subcontractor base,” said JL Murtagh, President of Wexford Construction, Inc., the construction manager for the project. “ViaVerde will break ground in February and the first tenants will begin moving into their new homes in the in the summer of 2021. I believe ViaVerde will be on the cutting-edge technology-wise. We look forward to a successful and profitable future with our partners, MultiGreen, and Trez Capital.”
“Partnering with local landowners and creating local multifamily brands is a key tenet of MultiGreen. This attainable, sustainable, and tech-enabled multifamily community will command a local durable competitive advantage due to the walking distance to three new public schools. This asset offers a special opportunity in what MultiGreen believes to be one of the most untapped markets in the United States,” said MultiGreen Chairman, Randy C. Norton. “Rent growth in the northwestern Albuquerque subdivision is growing at 8% year over year, and this number increases 20% when considering apartments exclusively, thus dwarfing the national average of 3%. Occupancy rates have been well above the national average, increasing 40 basis points year over year to exceed 95% in 2019. Most importantly, if I moved to Albuquerque, this is the only location I would consider living with my wife and kids.”
“We have provided commercial real estate financing for numerous projects across the Southwest, but this is our first financing deal in New Mexico, and we are pleased to help spur more activity within The Trails community,” said Adrian Watkins, vice president at Trez Capital. “The project’s competitive positioning is strong within the area and we are confident in Sonata Trails’ and MultiGreen’s ability to develop a project that is both attainable for the local workforce as well as sustainable based on their global recognition as a leader in sustainable entry-level housing.”
About Trez Capital: Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully-secured, high-yield mortgage investment funds and like investment assets, and provide property developers and owners with quick approvals on flexible short- to mid-term financing.
Trez Capital has over $3.8 billion in assets under management and through its Dallas office, has funded more than $3.5 billion in loans. For more information, visit www.trezcapital.com
About MultiGreen Properties: MultiGreen was founded in 2019 as a real estate development and operating company specializing in ground-up construction of attainable, sustainable and tech-enabled multifamily housing. MultiGreen publicly launched with an announcement from Davos, Switzerland, on January 20, 2020, at the 50th Annual World Economic Forum. MultiGreen Properties was co-founded by Green Mesa Capital, a single-family office, and i(x) investments, a permanently capitalized company, providing a historic opportunity to create economic growth and catalytic social impact in supply-constrained markets. MultiGreen is improving the state of the world by constructing 40,000 attainable, sustainable, and technology-enabled multifamily homes by 2030.