Dominium, a leading national affordable housing owner, developer and manager, announced today the closing of the land sales for two new affordable housing communities in Phoenix. Located at 7800 & 7750 West Encanto Boulevard, Aviara Flats and Casa Azure will be Dominium’s 3rd and 4th new construction projects in the state of Arizona, bringing the developer’s portfolio in the state to over 1,000 newly constructed units.
In addition to providing 568 affordable apartment homes to the area, the developments will feature unique design amenities including a transit-oriented public plaza adjacent to a future Valley Metro light rail station, and solar panels to offset electricity expenses.
Expected development costs for the two projects total $203 million. Financing for Casa Azure and Aviara Flats includes tax-exempt construction loans from Deutsche Bank, publicly offered equity bridge bonds originated by Colliers Securities, Freddie Mac forward tax-exempt loans serviced by JLL Real Estate Capital, and investments in the federal low-income housing tax credits by Polaris Capital Investments. The Arizona Department of Housing assisted with the allocation of low-income housing tax credits and the Arizona State Housing Trust Fund provided soft funding. The Arizona Industrial Development Authority acted as the issuer of tax-exempt private activity bonds.
Dominium leaders say they are grateful for these partners who made it possible to close this transaction and to all who will be involved in this important project in the future.