Rio Rancho officials recently gave the green light for the third phase of Los Diamantes, project that will add 141 homes on 22 acres to a master-planned project.
Los Diamantes, located within the Rio Rancho Estates neighborhood and directly north of the city of Albuquerque, has been in the works for the last 10 years.
This third phase is part of a broader master plan adopted in 2015 by the city of Rio Rancho, which envisioned 578 single-family detached homes, more than 30 acres designated for mixed-use and business park development, and four acres of internal parks. The city secured funding in 2020 and 2021 for public improvements such as roadways and landscaping to kick off the building process.
The development behind Los Diamantes is led by local businessman Pierre Amestoy through the entity Los Diamantes LLC. Price Land Development Group, an Albuquerque-based firm, led the project’s planning and entitlement strategy, getting the lots ready for homebuilders.
D.R. Horton is already marketing homes within phase three of Los Diamantes, where prices start a little below $400,000. Other builders in the community include PulteGroup and Hakes Brothers.
At its Oct. 14 planning and zoning board meeting, prior to the vote on the final maps, city officials noted that Rio Rancho has added roughly 5,200 homes since 2020, accounting for a 12% jump in total housing stock. Rio Rancho estimates it has about 43,000 homes across the city.
Among the new homes in the pipeline is a new community from Richmond American Homes. The builder recently acquired 53 homesites in the Broadmoor Heights master-planned community in Rio Rancho. The builder expects sales to begin at the community in early 2026.
As of October, homes in Rio Rancho Estates carry an average value of $538,383 — roughly $140,000 above the average value of homes across Albuquerque, according to Homes.com.