Today, Mayor Tim Keller, City Councilors Tammy Fiebelkorn and Renee Grout, and the Health, Housing & Homelessness department inaugurated the first 49 units completed at Los Altos Lofts. This former hotel has been converted into affordable housing as part of the City’s Housing Forward ABQ initiative. The City purchased the property on Hotel Avenue in April 2023 and immediately began work to convert the 104 hotel rooms into efficiency and one-bedroom apartments. The first tenants will begin moving into completed units starting June 1, 2024.
“We are delivering on our goal to bring more affordable housing to all parts of Albuquerque and proving that converting hotels and motels is a fast and cost-effective way to get it done,” said Mayor Tim Keller. “Bringing new life to underutilized hotels while adding much-needed, permanent housing is a win-win for our city.”
“This project is the first of its kind for the City of Albuquerque,” said Joseph Montoya, Deputy Director of Housing. “We’ve created high-quality units in a third of the time it would take to build them new. Los Altos Lofts is a great addition to the City’s portfolio, and we can’t wait for tenants to move in.”
Rents at Los Altos Lofts are set to be affordable for people making 80% of the area median income, with some tenants qualifying for additional subsidies through project-based housing vouchers. The property will also have an on-site services coordinator to help residents access resources such as food assistance or financial literacy support.
“Monarch Properties is pleased to once again join with the City of Albuquerque to oversee this newest community. The opportunity to manage affordable housing fits well with Monarch’s history of helping address the needs of income- and housing-challenged residents in our city and state,” said Jack MacGillivray, Monarch Properties Vice President.
Work continues on the remaining 41 units, and the City anticipates that the entire project, including renovations to the existing pool, will be complete by mid-summer.
Hotel/motel conversions are a key strategy outlined in the Housing Forward ABQ initiative aimed at creating and accessing affordable housing. This marks the City's first conversion project completed since launching the initiative.
For leasing information, contact Monarch Properties at 505-548-6054.
