Dominium, a leading affordable housing owner, developer and manager announced today that it has closed a deal to develop two new affordable housing communities in Goodyear, Arizona.
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Dominium will use the approximately 28-acre site located at 16985 W. Van Buren Street in Goodyear to construct 657 new affordable apartment homes for low-income families and seniors. Once constructed, Estrella Springs and Suncrest Vista at Canyon Trails will provide a combined total of 396 family and 261 age-restricted high-quality apartment homes, which combined marks the largest affordable multifamily new construction development within the state of Arizona. In cooperation with members of the local Goodyear Community, Dominium has incorporated numerous features that will benefit the community for many years to come, including landscaping improvements to drastically reduce water usage, artistic features designed by local high school students, and a flex space within the community clubhouse available for use by the local elementary school. The project will be constructed by WD construction.
Construction of Estrella Springs and Suncrest Vista at Canyon Trail will be supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC) and include the use of private activity bonds. 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 controlled by the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market through the simple fact of increasing the supply of affordable housing.
As Arizona’s housing crisis looms, Dominium and its partners are investing over $1 billion in the state to develop affordable housing for essential workers and Arizona’s seniors. Dominium has already opened Solstice of Mesa, providing 237 affordable homes for seniors, adding to its existing portfolio of Copper Cove Apartments in Tolleson and Vista Ridge Apartments in South Phoenix. Additionally, Dominium currently has over 1,500 affordable homes under construction across the Valley, including this new community in Goodyear, with an additional 1,500 units proposed in the next few years.
Nationally, Dominium manages more than 38,000 apartments in roughly half the states across the country. Dominium has a reputation of developing high-quality properties that they own and manage for the long-term. Dominium is collaborating with the Arizona Department of Housing, the Arizona Industrial Development Authority, the Arizona Housing Coalition and a number of other investor partners to increase the number of affordable housing units in the state.
Dominium would like to thank its development partners U.S. Bank, Freddie Mac, JLL Real Estate Capital, Deutsche Bank, Bremer Bank, and Colliers Securities whose assistance made this project possible. Additional partners include the City of Goodyear, Maricopa County. Winthrop & Weinstine, Burch & Cracchiolo, Todd & Associates, Hunter Engineering, Commercial Partners Title, Kutak Rock, and US Bank as fiscal Agent. Dominium would like to thank all these partners for their assistance on this project, continued commitment to providing high quality affordable housing, and ongoing partnership with Dominium.
