News

Rio at Las Estancias, a 49,000-square-foot long-term care and rehabilitation center, officially opened Thursday at the southeast corner of Coors and Rio Bravo SW.

The $10 million project, which will employ 120 at full operation, is a joint venture of Albuquerque-based On Pointe Health and developer C&S Real Estate & Development. It’s On Pointe’s first property in New Mexico but not the last.

“We’re going to open a facility very similar to Las Estancias in Rio Rancho in January, across Unser from (Presbyterian) Rust Medical Center,” said company President and CEO Jeremy Martin.

Rio at Las Estancias has 80 beds for long-term or skilled nursing care and 40 private rooms for post-surgery recovery and rehab. Designed in a resort-type style, it has a coffee bistro and theater room.

Much of its staff has been recruited from the surrounding community, the company said in a news release.

“This is a tight-knit community, and we’re excited to be part of it,” Martin told the Journal. “It has a small-town feel, and we’ve gotten a lot of support.”

On Pointe was formed earlier this year by the merger of Heritage Management Services, which consists of partners Martin and Michael Hoskins, and WW Healthcare, which consists of partners Jerry Williamson and Horace Winchester. The company offers a range of services that patients can use through their senior years.

Martin and Hoskins will focus on the operations side, while Williamson and Winchester will focus on development and construction of new facilities.

“Those guys put up these beautiful settings,” Martin said. “Michael and I will use our expertise and all we’ve learned to match services to these beautiful settings.”

Rio at Las Estancias was built by local contractor Enterprise Builders with 90 percent of the labor and supplies sourced locally, the news release said.

Former New Mexico resident Troy Thayne has returned to serve as its administrator.

By Richard Metcalf / Journal Staff Writer
PUBLISHED: Thursday, July 17, 2014 at 2:06 pm

Oct 23, 2013 - Albuquerque Business First
A group of California investors has purchased and plans to revitalize an apartment complex in Northeast Albuquerque.

The 63-unit Skyline Towers, located near Tramway Boulevard and Interstate 40, is being completely renovated.

Mark Ross of Orange County-based Granite Investment Group declined to disclose the purchase amount, but said the purchase and renovation is a multi-million-dollar venture. Ross said he and his partners are in the process of doing similar projects around the city and are aggressively looking for multifamily developments in prime locations that may be distressed or need to be re-positioned.

Ross said Skyline Towers had performed well historically, but was falling into disrepair. There are about seven tenants in the apartments, which Ross said makes it easier to do a thorough renovation. The development is located at 13500 Skyline Road NE.

“The building just sat for close to two years, so we are going in and doing roofing, paving and gutting all the units with new flooring and new fixtures,” Ross said.

He said one unique feature of the once bright orange apartment building is 34 underground parking spaces.

“There’s also a very large atrium in the main building that’s kind of an amazing space. We’re re-configuring it and are going to create an indoor-outdoor space for residents,” Ross said.

The name will change as well, from Skyline Towers to Cloudview Terrace. Ross said his group will do all the renovations and hire subcontractors.

“We saw an opportunity to take an interesting property and turn it around and still focus on the market it’s designed for, which is well-priced, smaller units,” he said.

Ross is the owner of the Agave Condominiums in Albuquerque’s Country Club corridor near the Vinaigrette restaurant. He relisted that development earlier this year and said there are a few units left after brisk rental interest in the condos.

Joe R. Romero, senior vice president in multifamily and investments for C&S Real Estate & Development, represented both Granite and an East Coast bank that held the note on the property in the transaction.