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Business Section

Friday - August  9th, 1999

More Apartments On Drawing Board


By Richard Metcalf
Journal Staff Writer

Not all observers, however, think the local market can fill them

include 24 four-bedroom apartments with 1,200 square feet of space. The $7.5 million project will be built at Louisiana and Gibson SE by Kaufman & Broad Multi-Housing Group of Long Beach, Calif.

* The 74-unit Huning Castle Apartments on Central, between 15th and Laguna SW, near Downtown. The project, which was strongly opposed by some neighbors, will be developed by local investors headed by Cauwels and Associates.
The upswing in construction comes after permits were issued for only 77 multifamily units during the first six months of this year, according to the Apartment Association of New Mexico. Most of those units -- 65 -- are not apartments at all, but condominiums for sale.

The biggest condo project so far this year is D.R. Horton Inc.'s 57-unit Louisiana Purchase project at 7817 Louisiana NE, just south of Paseo del Norte.
The 77 multifamily units permitted during the first half of this year make the lowest number since 60 units during the first half of 1992.
Albuquerque went through an