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Blackstone and Dominium Expand Partnership to Bring Additional New Affordable Housing to Phoenix
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Blackstone (NYSE: BX) is expanding its partnership with Dominium to support the development of Casa Azure, a new affordable housing project in Phoenix, Arizona. The investment includes an additional $31 million in tax credit equity, increasing the total investment in affordable housing in Maricopa County to $79 million for 568 new units. Casa Azure will provide 196 age-restricted units aimed at seniors earning at or below 60% of the area median income, featuring amenities like a pool and fitness center. Blackstone's commitment reflects its strategy to address the affordable housing crisis in the U.S.
Positive
Investment of $31 million in Casa Azure increases total affordable housing investment in Maricopa County to $79 million.
Casa Azure adds 196 new affordable housing units specifically for seniors.
Partnership with Dominium demonstrates Blackstone's commitment to tackling affordable housing shortages.
Negative
None.
Blackstone to Provide an Additional $31 Million of Tax Credit Equity to Support Dominium’s Latest 196-Unit LIHTC Development in Phoenix, Arizona
LOS ANGELES & PHOENIX--(BUSINESS WIRE)--
Blackstone (NYSE: BX), through its affordable housing portfolio company, April Housing (“April”), and Dominium, a leading affordable housing owner, developer and manager, today announced an expansion of their partnership to develop Casa Azure, which will bring 196 new affordable housing units to Phoenix, Arizona. Building on its commitment to preserve and create new affordable housing, Blackstone will provide $31 million of tax credit equity to support the development of this community. This increases Blackstone and April Housing’s commitment to expand the affordable housing stock in Maricopa County to a total of 568 new LIHTC units through $79mm of investments.
Casa Azure is an age-restricted, seniors' property, which will be available to those earning at or below 60 percent of the area median income. The property will feature several community amenities including a pool, clubhouse, library and fitness center. Casa Azure also utilizes solar panels on the roofs of its carports and ION water systems to help save energy and water.
“We are excited to expand our relationship with Blackstone and April Housing,” said Mark Moorhouse, Dominium Managing Partner and Executive Vice President of Development. “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. We appreciate their partnership and expertise as we continue working to address the shortage of affordable housing nationwide.”
Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, said, “Alongside April Housing, we have been identifying innovative ways to address the shortage of affordable housing. We are excited to expand our partnership with Dominium and create new, affordable housing for seniors in Phoenix.”
“April's commitment to preserve and create affordable housing is at the center of everything we do,” said Alice Carr, Chief Executive Officer of April Housing. “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.”
About April Housing April Housing, a Blackstone Real Estate portfolio company, is a leading provider of solutions and capital for the preservation and creation of high-quality affordable housing in the United States. April Housing prioritizes improving communities and supporting residents while expanding the available supply of affordable housing. Further information is available at www.aprilhousing.com.
About Dominium
Founded in 1972, Dominium is a leading national owner, developer, and manager of affordable apartment communities with offices in Atlanta, Dallas, Phoenix, and Minneapolis. Owning and managing over 38,000 homes at over 230 sites in about half of all U.S. states, Dominium is known for creative solutions to unique and challenging development projects, and property management expertise. Dominium was named a Best Managed Company by Deloitte in 2020. For more information, visit www.dominiumapartments.com.
