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Los Altos Lofts Now Welcoming Tenants

49 Units Complete and Tenants can move in as early as next week
May 30, 2024

Today, Mayor Tim Keller, City Councilors Tammy Fiebelkorn and Renee Grout, and the Health, Housing & Homelessness department cut the ribbon on the first 49 units completed at Los Altos Lofts, a former hotel converted to affordable housing as part of the City’s Housing Forward ABQ initiative. The City purchased the property on Hotel Avenue in April of 2023 and immediately began work to convert the 104 hotel rooms into efficiency and one-bedroom apartments. The first tenants will be moving in to completed units starting June 1, 2024.

“We are delivering on our goal to bring more affordable housing to all parts of Albuquerque and proving that converting hotels and motels is a fast and cost-effective way to get it done,” said Mayor Tim Keller. “Bringing new life to underutilized hotels while adding much needed, permanent housing is a win-win for our city.”

“This project is the first of its kind for the City of Albuquerque,” said Joseph Montoya, Deputy Director of Housing. “We’ve created high quality units in a third of the time it would take to build them new. Los Altos Lofts is a great addition to the City’s portfolio, and we can’t wait for tenants to move in.”

Rents at Los Altos Lofts are set to be affordable to people making 80% of the area median income, with some tenants qualifying for additional subsidies through project-based housing vouchers. The property will also have an on-site services coordinator to help residents access resources and support they may need, like food assistance or financial literacy.

“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.

Work continues on the remaining 41 units and the City anticipates the whole project, including renovations to the existing pool, will be complete mid-summer.

Hotel/Motel conversions are a key strategy outlined in the Housing Forward ABQ initiative to spur creation and access to affordable housing. This is the City’s first conversion project completed since the launch of the initiative.

Call Monarch Properties at 505-548-6054 for leasing information.