Pennrose, Butler Housing Company, CBC Financial Corp, the City of Phoenix, the Arizona Department of Housing, and project partners recently celebrated significant progress on Garfield Terrace, a $57 million, multi-phase development bringing 120 high-quality, affordable senior apartments to Downtown Phoenix’s Garfield Historic District. The event commemorated the grand opening of Garfield Terrace Phase I and the start of construction on Phase II.
Garfield Terrace I delivers a 60-unit, four-story affordable senior housing community for individuals aged 55 and older, with a mix of studio and one-bedroom apartments available. Twelve units are restricted at or below 30% AMI, six units are available at 40% of Area Median Income (AMI) and 24 are available at 50% AMI. The balance of the property’s units are restricted at 60% AMI.
Garfield Terrace II will deliver another 60 income-restricted senior apartments available at or below 60% AMI, with 12 units set aside for formerly homeless individuals. The energy-efficient project will be 100% electric and constructed to meet NGBS – Silver standards. Phase II is slated for completion in Fall 2026.
“Garfield Terrace addresses a critical need for affordable senior housing in downtown Phoenix, providing a high-quality option for older adults living on fixed incomes,” said Shannon Cox Baker, regional vice president at Pennrose. “This project would not be possible without the dedication of our partners and community stakeholders, who have helped shape Garfield Terrace into a place where residents have access to the services and amenities they deserve, right in the heart of the city.”
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Residents of Garfield Terrace will enjoy robust community amenities, including a fitness center, outdoor courtyard and recreation area, multi-purpose community room, parking, and maintenance and management suite. Pennrose has also partnered with local supportive services agencies, the Greater Phoenix Urban League (both phases) and Central Arizona Shelter Services (phase II), to provide on-site social, health, and educational programming. The project is conveniently located near local resources, retail, employment centers, and more. Residents will also have access to multiple healthcare options with the nearby Banner University Medical Center and ValleyWise Health Medical Center.
Downtown Phoenix has experienced rapid growth in recent years and a strong demand for market-rate housing, with approximately 3,000 market-rate apartments currently built or planned for the area. Building on existing public and private infrastructure, Garfield Terrace utilizes urban infill and smart growth principles to preserve opportunities for quality senior housing.
Garfield Terrace was funded with two 9% Low Income Housing Tax Credit awards from ADOH, and project-based vouchers and HOME Funds from City of Phoenix. Phase II also received a Housing Trust Fund loan from ADOH. Additional financing for the development was provided by Bank of America and Cedar Rapids Bank and Trust. Senator Gallego’s Office has also supported $500,000 in Congressional Program Funds to the development.
