Alameda Palms Apartments
Investment introduction paragraphs
Partners
Tropicana Properties, Inc
Highlights
Alameda Palms is a mixed-income, multifamily community consisting of 110 LIHTC units and 14 market-rate units. Affordable units are restricted at the 30%, 50% and 60% area median income (“AMI”) levels. The apartments range in size from 1 BR/1 BA to 4 BR/2 BA.
Each unit has a typical appliance package that includes a gas range and oven, frost-free refrigerator, dishwasher, in-sink disposal, tile tub/shower, ceiling fans in the living and bedrooms, and granite kitchen counter tops.
In addition, all units have walk-in closets, washers/dryers, and private patios/balconies with outside storage.
The apartment complex consists of twenty-two (22) one- and two-story apartment buildings and a 3,048 sq. ft. clubhouse which includes a maintenance shop, community room, library, business center, outdoor patios, restrooms, and leasing offices.
Additional amenities include a playground and picnic table area with BBQ grills. There are 281 open parking spaces, or 2.27 spaces per unit.
Impact
With a strong federal and military presence, there are good employment opportunities in the area and affordable housing will help create stability for low-income residents. Stability also comes in the form of an extension of the land-use agreement to 35 years of affordability.
The property’s location also provides access for residents to affordable shopping, K-12 schools, medical care and Franklin Mountain State Park, which is the largest urban park in the nation and is situated completely within the El Paso city limits.
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