Argosy Real Estate Partners Acquires Opportunity Zone Site for Multifamily Development in Santa Fe, NM
We are pleased to announce that Argosy Real Estate Partners and Presidium have acquired an approximately six-acre, fully-entitled site in Santa Fe, NM for the ground-up development of a 171-unit multifamily community. With a population of more than 85,000, Santa Fe is the state capital and the fourth largest city in New Mexico, according to the U.S. Census Bureau. The Albuquerque-Santa Fe-Las Vegas Combined Statistical Area has a population of more than 1 million according to Census Reporter. The investment provides the opportunity to deliver a workforce multifamily property to a high barrier-to-entry market within a Qualified Opportunity Zone.
The development will consist of a three-story wood-frame building with surface parking. The project will feature a mix of studio, one-bedroom, and two-bedroom units. 15% of the unit mix will be affordable units at or below 80% of area median income for Santa Fe. Amenities will include a fitness center, clubhouse, business center, movie/game room, BBQ area, pool, and dog park.
The project will be developed in partnership with Presidium, a Texas-based real estate developer, owner, and operator with a 19-year operating history and an existing real estate portfolio totaling approximately $2 billion AUM. Since 2019, Presidium has delivered over 2,000 units with another 2,500 units currently under construction and over 5,000 units in design. Founded in 2003 by John Griggs and Cross Moceri, Presidium currently has more than 300 employees in 29 locations and owns and operates approximately 13,000 apartment units.