By Stephanie Guzman, Reporter for Albuquerque Business First:

Rio Rancho is often considered a bedroom community. But with home prices going up and people having different living preferences, apartments are still needed there.

Todd Clarke of NM Apartment Advisors, considered an expert in multifamily housing, said based on his algorithm, Rio Rancho is short more than 5,000 apartment units.

Which is why he's helping a well-known developer market a new $15 million apartment development in the City of Vision.

Local developers Rhett Waterman and Ted Waterman are developing a 152-unit complex they're calling The Broadmoor at 640 Broadmoor Blvd.

What makes the development different is instead of a massive apartment complex owned by one entity, this development will have different owners. That opens up the pool of potential investors.

The Broadmoor is made up of 18 buildings that are four-plexes. Clarke is marketing the four-plexes to investors as well as local owners, who will live in one unit and rent out the other three.

"We could've put a bunch of townhomes there but we think there's a really big audience for four-plex investments," Clarke said.

He said he has heard from many local investors who want new apartment complexes worth about half a million dollars, but there's not a lot of new product that fits that description.

"There's a bigger pool of investors for properties that are four units or smaller, whereas there's a very small pool of investors for those that build bigger apartment complexes," Clarke said. Click here to read the full article.