A new apartment complex is under construction just west of the Federal Law Enforcement Training Center (FLETC) on Richey Avenue in Artesia. The 198-unit multifamily apartment project, known as EMLI Wells of Artesia Apartments, is anticipated to cost approximately $33 million. 

 

The construction is being completed by Westmoreland Builders of Southlake, Texas, and is owned by Richard Ashton of Dallas, Texas. “Prior to starting construction, we completed a market study and determined that there’s a need in Artesia,” said Ashton. “Between FLETC and the refinery there is a shortage of housing.”

 

Ashton anticipates the apartments will be ready to lease by next summer with all aspects of construction, landscaping, etc., completed in February 2024. Monarch Management of Albuquerque will be the management company and have not set the rental rates for the units yet.

 

The apartments will not be subsidized and may have covered parking spaces but that has not been determined yet, according to Ashton. 

 

Ashton recently opened a similar apartment complex in Aubrey, Texas, and it is already close to capacity.  As is happening in Aubrey, Ashton expects neighboring property values to increase in Artesia. “In Aubrey the value of surrounding property has increased substantially,” said Ashton. “Studies have confirmed that happens all over the country when mixed use property comes in.”

 Interested renters can sign up on the waiting list now at www.EMLIArtesia.com.