Currently we are developing a 32 building 4 plex community in Rio Rancho, New Mexico, The site is approximately 2 miles from the new city center, which will feature a branch of the University of New Mexico that will have facilities for 20,000 students.. Rio Rancho is a suburb of Albuquerque and in the
last year we\'ve seen rapid appreciation in multifamily property. The recent slowdown in single family homes has been a boom to the already tight rental market.
The Supply of vacant apartments is approaching 0% and rents are rising rapidly. 75% and 80% financing is available. We\'ve just now released the last phase of 15 buildings for sale.