Bernalillo County has revealed that Commissioner Walt Benson has expressed his support for LaTerra Development Company's Bedrock at the Trails project, located at the junction of Paseo del Norte Boulevard and Woodmont Avenue, NW. The completion of this project is expected within a timeframe of two and a half years.
La Terra Development Company, a firm specializing in real estate investment, has earmarked $100 million for the construction of 202 townhouses and 142 single-family detached homes in the Daybreak at the Trails and Encore at the Trails communities. It is worth noting that this project falls under an Opportunity Zone, which could make private investments within this economically disadvantaged community eligible for capital gain tax incentives. Spanning over 37 acres, the homes, which will vary in size from 1,290 to 2,130 square feet, will follow a build-to-rent model. As stated in a press release by Bernalillo County, the site will feature coworking spaces, pet-friendly parks, pools, fitness centers, spas and clubhouses.
According to Commissioner Benson in a press release by Bernalillo County: "The housing shortage has become especially apparent within Albuquerque and Bernalillo County. We have a great demand for affordable, safe housing and the Bedrock project will provide 344 homes to help fill the gap." He added: "This type of project is in addition to many other types of housing developments needed for current and future demands. I am working closely with the county’s Economic Development Department to explore all types of housing avenues."
Currently engaged in developing over 3,000 multifamily and build-to-rent residential units along with an expansive one million square feet of high-quality commercial space strategically positioned across specific Sun Belt markets in the United States is LaTerra Development Company. According to their website, LaTerra Capital Management (LCM) acts as a real estate investment manager serving as an operational partner platform for both global and domestic investment capital, with over $1 billion in committed equity.