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Coming Soon! Los Altos Lofts Now Pre-Leasing

Property Manager now screening tenants interested in affordable apartments from City’s first hotel conversion
February 29, 2024

The City of Albuquerque and property manager Monarch Properties Inc. are now accepting applications to pre-lease affordable efficiency and one-bedroom apartments at Los Altos Lofts, the former hotel purchased by the City in April of 2023 for conversion to housing. The first units are under construction now and are expected to be move-in ready this spring.

All applicants must pass background screening criteria, which will include criminal, sex offender, credit and income checks. The capacity of each unit varies by size and is subject to maximum number of persons who can occupy an efficiency or one-bedroom unit. Rent will be set to be affordable to those making less than 80% of the Area Median Income, and some tenants may qualify for additional subsidies.

“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 to address the needs of income and housing challenged residents in our city and our state,” said Jack MacGillivray, Monarch Properties Vice President.

“Arriving at the leasing step is an important milestone in the development of this project, and in our efforts to create more affordable housing in our city,” said Deputy Director for Housing Joseph Montoya. “This is one of the final stages to actually getting people into a new, safe, affordable place to live. We are also demonstrating that hotel conversions are a timely and efficient way to increase our housing stock.”

Interested applicants can get more information by calling the Los Altos leasing line at 505-548-6054.

Hotel/Motel conversions were a strategy identified under the ABQ Housing Forward initiative to spur access to, conversion, and construction of new housing for all segments of the housing market.