Gardner Capital develops $18M senior housing community

Above: A rendering of the upcoming El Caro Senior Residences, which just received a low income housing tax credit from the Department of Housing (Photo courtesy of Gardner Capital) Real Estate | 16 Jun, 2016 |

Gardner Capital Development moves forward on plans to develop the El Caro Senior Residences in Phoenix after being awarded a reservation of Low Income Housing Tax Credits from the Arizona Department of Housing.

The $18 million affordable senior housing project consists of 102 energy-efficient one- and two-bedroom apartments on 5-acres of land located at 19th and Northern Avenues, one-half mile from the Metro Light Rail Station. Once completed, the El Caro Senior Residences will include amenities such as a two-story club house and community center in the middle of the complex, conference and multipurpose rooms for larger gatherings as well as an open courtyard and barbecue areas.

“We consider it our mission to build sustainable high-quality housing for seniors and, in the process, create and solidify long-term partnerships within the community,” said Michael Gardner, principal at Gardner Capital.

Construction begins in the first quarter of 2017 with completion expected 15 months later. All units will be leased to seniors earning an average of $18,000 to $34,000 in household income, and 25 percent of units are reserved for those with developmental disabilities.

The United Cerebral Palsy Association of Central Arizona will use the onsite clubhouse and community center to provide supportive services for residents. Gardner said, “We are thrilled to be partnering with the UCP, an organization that will help provide our residents with the utmost care and services.”

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