Blackstone portfolio company April Housing and housing developer Dominium have announced the expansion of their partnership to develop Casa Azure in Phoenix, Arizona, US.
As part of the expansion, Blackstone will contribute $31m in tax credit equity to support the development of the affordable housing project.
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Once completed, the project will provide 196 units to seniors earning 60% or below of the area median income.
The housing community will feature amenities, including a clubhouse, pool, fitness centre and library for its occupants.
Furthermore, the project uses ION water systems and features solar panels on the roofs of carports to conserve water and energy.
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Dominium managing partner and development executive vice-president Mark Moorhouse said: “We are excited to expand our relationship with Blackstone and April Housing.
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By GlobalData“Their investment in Casa Azure, coupled with their previous investment in Aviara Flats, demonstrates a significant commitment to affordable housing for both seniors and families in the Phoenix area.”
The move comes in line with Blackstone and April Housing’s efforts to expand Maricopa County’s affordable housing stock to a total of 568 new Low Income Housing Tax Credit (LIHTC) units through total investments valued at $79m.
April Housing chief executive officer Alice Carr said: “April’s commitment to preserve and create affordable housing is at the centre of everything we do.
“We are thrilled to continue expanding the supply of affordable housing in an area where it is much needed, especially serving seniors, many of whom have fixed incomes.”
