Dominium acquires land for Saddleback Village at Stonegate in Maricopa
Dominium, a leading affordable housing owner, developer and manager announced today that it has closed a deal to acquire land for the development of a new affordable housing community in Maricopa, Arizona.
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Dominium plans to use the land located at 18260 N Alan Stephens Pkwy. to construct Saddleback Village at Stonegate, Dominium’s first Built-to-Rent (BTR) community. Built-to-Rent communities feature single-family homes and townhomes specifically built and designed for rental rather than sale. Dominium’s BTR communities are creative and leading-edge solutions to bring more affordable housing to the communities that need it most.
Once completed, Saddleback Village at Stonegate will bring 215 high quality homes to the City of Maricopa and the greater Phoenix metropolitan area. Constructed by Lifestyle Homes, the community will offer residents desirable amenities including a leasing center, playground, private backyards, and outdoor amenity spaces.
Construction of Saddleback Village at Stonegate will be supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC). Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market by increasing the supply of affordable housing.
Dominium would like to thank its development partners, including Western Alliance Bank, Bremer Bank, Freddie Mac, Walker & Dunlop, Arizona Depart of Housing (ADOH), Arizona Industrial Development Authority, Winthrop & Weinstine, Holland & Knight, Stover Legal, Slania Law, Squire Patton Boggs, Todd & Associates, Bowman Engineering, Commercial Partners Title, Kutak Rock, and US Bank.
Saddleback Village at Stonegate represents Dominium’s continued commitment to address the need for affordable, high-quality housing while expanding its innovative approach to Built-to-Rent communities.
Dominium acquires land for Arterra and Orchard Springs in Surprise
Dominium, a leading affordable housing owner, developer and manager announced today that it has closed a deal to acquire land for the development of a new community of affordable housing in Surprise, Arizona.
Dominium plans to use the land located at 13500 N Cotton Lane in Surprise to construct Arterra and Orchard Springs, new high-quality housing communities for low-income families and seniors in the state of Arizona. Once completed, Arterra will provide 388 high-quality homes for families, offering much-needed workforce housing, while Orchard Springs will deliver 211 homes designed for seniors. The project will be constructed by WD Construction.
Construction of Arterra and Orchard Springs will be supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC). Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market by increasing the supply of affordable housing.
Dominium would like to thank its development partners, including Citi Bank, Alliance Bank, Collier Securities, US Bank, Western Alliance Bank, the Arizona Department of Housing (ADOH), Winthrop & Weinstine, Gammage & Burnham, Todd & Associates, Hunter Engineering, Commercial Partners Title, Kutak Rock, and Arizona Industrial Department Authority.
