Real Estate Equities to Begin Construction on First Arizona Development
Real Estate Equities has announced the closing on the financing for its Copa Flats development, which will bring 312 affordable housing units to Maricopa, Arizona. It is the firm’s first affordable housing community in the state.
The $88 million projects will break ground this month and will be constructed in phases with the first occupancy scheduled for April 2023 and a completion date of December 2023. The new community’s one-, two-, and three-bedroom units will provide affordable homes to households earning 60% of the area median income or less.
“We are thrilled to be expanding into Arizona and adding 312 affordable housing units to a market that needs it,” commented Eric Omdahl, Real Estate Equities’ development partner. “Copa Flats will offer the level of amenities and finishes you would see in new market-rate developments and will also feature many sustainable and energy-efficient design features. We are privileged to provide this much-needed rental housing and to build in this great and growing community.”
Officials note that the development is near retail, restaurants, and recreational opportunities.
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The financing behind the project includes a 4% low-income housing tax credit award from the Arizona Department of Housing. WNC is the investor limited partner for the transaction. Construction and permanent financing were provided by Citi Community Capital. In addition, Minnwest Bank provided an equity bridge loan, and the Arizona Industrial Development Authority was the bond issuer. The project was designed by Kaas Wilson Architects and is being constructed by general contractor Johnson Carlier, based out of Tempe, Arizona.
The property features a sleek exterior design with numerous amenity spaces, including an outdoor pool, a fitness center, a yoga studio, a clubroom with a kitchen, and grilling stations. Interiors are complete with high-quality finishes such as hard-surface countertops, stainless steel appliances, in-unit washers and dryers, 9-foot ceilings, and vinyl-plank flooring.
This is the 10th affordable housing development since 2016 for Real Estate Equities, which specializes in multifamily apartment management and development. They manage/own a portfolio of over 4,000 units throughout Indiana, Minnesota, Wisconsin, and now Arizona.
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