An old hotel will soon open as a remodeled apartment complex in Rio Rancho.
The Panorama Apartments complex, at 1465 NM 528, what used to be the Inn at Rio Rancho, aims to start a gradual opening by the end of this year and continue that process in early 2023.
“There’s a group of potential tenants that have expressed an interest in occupying right off the bat,” said Lon Freeman, a co-owner and investing partner with 528 Development, the group that owns the property.
Freeman’s “very hopeful” that about half of the 102 units will be occupied before the end of 2022, as the complex is nearing the end of the pre-leasing stage. The remaining units will become available soon after.
The rental pricing is being ironed out, he said.
Per ordinance, Freeman said, 102 of 118 existing rooms can be filled. Things are moving forward as though there’ll only be 102 units.
The new complex will have furnished studio apartments, equipped with a bed, television, kitchen, washer and dryer, high-speed internet, bathroom and closet. Each unit’s roughly 400 square feet.
The complex will also have new heating and air conditioning systems, new fire sprinkler systems, new roofing, live security cameras and a security guard on-site.
For amenities, a swimming pool in the courtyard is being redone, re-decked and fenced. Landscaping includes replacing partially dead trees with new mature trees.
Existing space for what was a conference center will be used for a gym, lounge area and TV room, Freeman said. That space has multiple rooms, so those amenities will be spread out.
“That’s really what makes the project magic,” he said.
Construction started in March 2021, but 528 Development had to wait six to eight months for some materials to come in amid supply chain issues. Freeman said those materials included electrical components, metals, switchboard panels and new windows, with a three-month delay on the windows alone.
Work is coming along, however.
“There were other items that took quite a bit more time, so that’s been difficult to manage. But we are working through it, and I’m still very excited about the project,” Freeman said. “The completed rooms look fantastic. They just look awesome.”