SANTA FE, N.M. — Community Preservation Partners (CPP) has entered the Santa Fe market with the acquisition and planned renovation of two multifamily communities — Sangre De Cristo Apartments and Santa Fe Apartments. Once renovated, the two communities will be restricted to households earning 60 percent or less of the area median gross income and will continue to benefit from project-based rental assistance.
Located at 255 Camino Alire, Santa Fe Apartments features 64 units and was built in 1968. Sangre De Cristo Apartments, located at 1801 Espinacitas St., offers 164 units. Both communities offer one-, two- and three-bedroom layouts, with Sangre De Cristo also offering four-bedroom units.
Renovation costs are estimated at $96,700 per unit. CPP’s total investment for both properties is approximately $93.7 million, which includes the combined purchase price of $41.8 million.
CPP expects to complete renovations by December 2024. Project partners include the New Mexico Mortgage Finance Authority, US Bank and KeyBank.