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Blackstone and Dominium Partner to Bring New Affordable Housing to Phoenix
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Blackstone (NYSE: BX) has announced a partnership with Dominium to develop the Aviara Flats community in Phoenix, Arizona, contributing $48 million of tax credit equity for the creation of 372 affordable housing units. The project targets households earning at or below 60% of the area median income and will feature amenities such as a gym and playground. This partnership signifies a key step in Blackstone's commitment to expanding affordable housing across the U.S., with completion expected in 2024.
Positive
Blackstone provides $48 million in tax credit equity for the Aviara Flats development.
Aviara Flats will create 372 affordable housing units in Phoenix.
The project aims to serve households earning at or below 60% of the area median income.
Completion of the project is expected in 2024, enhancing affordable housing supply.
Negative
None.
Blackstone to Provide $48 Million of Tax Credit Equity to Support Dominium’s New 372-Unit LIHTC Development in Phoenix, Arizona
Delivers on Blackstone’s Commitment to Improving Communities and Expanding Access to Affordable Housing
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 a partnership to develop the Aviara Flats community that will bring 372 new affordable housing units to Phoenix, Arizona. As part of this partnership, Blackstone will provide $48 million of tax credit equity to support the development of these units.
The property is located an approximately 15-minute drive from Downtown Phoenix and units will be available to households earning at or below 60 percent of the area median income. Aviara Flats will feature a number of community amenities including a gym, playground, clubroom, pool and theater.
“We are excited to partner with Blackstone and April Housing to deliver on our shared commitment to address the shortage of affordable housing in the U.S.,” said Mark Moorhouse, Dominium Managing Partner & Executive Vice President. “Since breaking ground in June, we have made great progress on the development of the property and look forward to working with April to complete Aviara Flats in 2024. April’s knowledge and approach to LIHTC investment is impressive, and Dominium could not be more excited about their involvement in the tax credit space.”
Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, said, “Since we launched April Housing, our focus has been on identifying ways to create and preserve affordable housing. We are excited to partner with Dominium to help deliver much-needed affordable housing in Phoenix.”
“This partnership represents an important milestone in our mission to create quality affordable housing,” said Alice Carr, Chief Executive Officer of April Housing. “This marks April’s first direct LIHTC investment, and we look forward to developing more solutions and devoting more capital to expanding the national affordable housing supply. We are thrilled to partner with Dominium to build essential new supply and meet the needs of the growing Phoenix community.”
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.
