The 111-unit Allaso Vineyard luxury apartment complex being constructed on the corner of Ventura Street and Holly Road is slated to be complete by the end of this year.
Alli Cooke, media contact for Titan Development, wrote in an email, “We expect the development to be completed in the third quarter of 2022.”
The 123,000-square-foot project announced in September is one of three projects by Titan Development in the Albuquerque area. The architect for Allaso Vineyards is Dekker/Perich/Sabatini. HB Construction is the general contractor, and Greystar will be the operator, according to a Feb. 16, 2022 press release.
Other Titan projects in the city include the 281-unit Allaso High Desert multifamily community located near Tramway Boulevard and Academy Road and the 158-unit Allaso Journal Center multifamily complex located at 7800 Headline Blvd., near Interstate 25 and Paseo del Norte Boulevard.
Allaso Vineyard amenities
Each project features different high-end amenities tailored to the affluent neighborhoods and niche client base. In the Feb. 16 press release Josh Rogers, Titan’s senior vice president said, “Coming home to Allaso Vineyards will feel like walking into one of New Mexico’s great wineries. The sophistication and warmth of the property is complemented by high-end amenities and sought-after urban walkability.”
Features and amenities at Allaso Vineyards include quartz countertops, 42-inch cabinets, stainless-steel appliances, a winery-inspired lounge, private wine lockers available for rent, and new tenants will be given a bottle of wine upon move in.
“We are working with several wineries to determine who’s going to provide the custom-label wine,” Cooke responded when asked what type of wine tenants will receive.
Other features will include a “resort-style pool and spa, rooftop decks, elevators, game lawns, fire pits, professional-style grills, a fountain, ramadas and an indoor-outdoor fitness area inspired by Crossfit gyms.”
By the numbers
According to walkscore.com, the intersection of Paseo del Norte Boulevard and Ventura Street receives a walk score of 67, meaning it is somewhat walkable and some errands can be accomplished on foot. The same intersection receives a bike score of 76, meaning biking is convenient for most trips.
Rent for a one-bedroom apartment will be $1,400 a month “subject to market conditions” and $1,800 a month for a two-bedroom apartment, also “subject to market conditions.” Units cannot be purchased and will only be available for rent, according to Cooke.
Regarding Allaso Vineyards’ impact on surrounding property values, Cooke wrote, “We have several scholarly studies addressing this issue that found no impact to a positive impact on multifamily communities on surrounding property values. Anecdotally, none of our previous multifamily projects have shown any decrease to surrounding property values.”
According to realtor.com, the median listing home price in the nearby Vineyard Estates neighborhood is $534,900. For comparison, the median listing home price for the larger Heritage Hills neighborhood on the other side of Paseo is $350,000, according to the housing website.
Cooke also explained that Titan Development is working with the city of Albuquerque to construct a roundabout at the intersection of Ventura Street and Holly Road to help mitigate traffic problems.
For more information on Titan Development’s multifamily projects, visit titan-development.com/multifamily.