SANTA FE, N.M. — Community Preservation Partners (CPP) has acquired two affordable housing developments in Santa Fe, Sangre De Cristo Apartments and Santa Fe Apartments, for $41.8 million. The developer also plans to invest a further $51.9 million to renovate both properties. Once renovated, the two communities will be restricted to households earning below 60 percent of the area median income and will continue to benefit from project-based rental assistance.
Santa Fe Apartments is located at 255 Camino Alire. The property features 64 units and was built in 1968. Sangre De Cristo Apartments is located at 1801 Espinacitas St. and offers 164 units. Both communities offer one-, two- and three-bedroom floor plans. Sangre De Cristo also offers four-bedroom units. CPP expects to complete renovations by December 2024. Project partners include the New Mexico Mortgage Finance Authority, US Bank and KeyBank.