A new 221-unit apartment complex is slated to replace the Coronado Auto Recyclers building at 9320 San Pedro Drive NE by August 2024.
Texas-based Tekin & Associates LLC is planning the development of the multifamily housing project. Albuquerque Business First reports that construction will begin in March 2023, with the project’s completion date scheduled for August 2024.
According to the Tekin & Associates website, “The San Pedro Apartment project is a ground up, new construction development of 221 apartments in Albuquerque, NM. The project is located at 9320 San Pedro Drive NE with easy access to Interstate 25.”
The San Pedro Apartments are one of many multifamily housing projects underway in northeast Albuquerque.
The private real estate investment, development and management company out of Frisco, Texas, is also behind the 333-unit Cielo Luxury Living apartment community being constructed in Santa Fe. That project is in the beginning construction phase and is located 6.5 miles from downtown Santa Fe along Beckner Road.
Tekin & Associates uses private equity and conventional debt to build its projects to hold for long-term cash flow. Typical projects range in size between 150-400 units that cost anywhere from $50 million to $150 million. The firm plans to build at suburban infill sites in California, New Mexico, Texas and Florida.
