The Dominion affordable housing development is the largest affordable multifamily construction in Arizona
Phoenix, Arizona (August 11, 2023) – Dominium, a leading affordable housing owner, developer, and manager, announced today that it had closed a deal to develop two new affordable housing communities in Goodyear, Arizona.
Dominium will use the approximately 28-acre site at 16985 W Van Buren Street in Goodyear to construct 657 new affordable apartment homes for low-income families and seniors. Once built, Estrella Springs and Suncrest Vista at Canyon Trails will provide 396 family and 261 age-restricted high-quality apartment homes, which marks Arizona's largest affordable multifamily new construction development. In cooperation with members of the local Goodyear Community, Dominium has incorporated numerous features that will benefit the community for many years to come, including landscaping improvements to reduce water usage drastically, artistic features designed by local high school students, and a flex space within the community clubhouse available for use by the local elementary school. WD Construction will construct the project.
Estrella Springs and Suncrest Vista construction at Canyon Trail will be supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC), including private activity bonds. Nationwide, LIHTC is the largest source of support for constructing and maintaining affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to keep rents controlled by the Area Median Income (AMI). The construction of LIHTC properties positively affects the local housing market by increasing the supply of affordable housing.
As Arizona’s housing crisis looms, Dominium and its partners are investing over $1 billion in the state to develop affordable housing for essential workers and Arizona’s seniors. Dominium has already opened Solstice of Mesa, providing 237 affordable homes for seniors, adding to its existing portfolio of Copper Cove Apartments in Tolleson and Vista Ridge Apartments in South Phoenix. Dominium also has over 1,500 affordable homes under construction across the Valley, including this new community in Goodyear, with an additional 1,500 units proposed in the next few years.
Nationally, Dominium manages more than 38,000 apartments in roughly half the states across the country. Dominium has a reputation for developing high-quality properties that they own and manage for the long term. Dominium is collaborating with the Arizona Department of Housing, the Arizona Industrial Development Authority, the Arizona Housing Coalition, and several other investor partners to increase the number of affordable housing units in the state.
Dominium would like to thank its development partners, U.S. Bank, Freddie Mac, JLL Real Estate Capital, Deutsche Bank, Bremer Bank, and Colliers Securities, whose assistance made this project possible. Additional partners include the City of Goodyear, Maricopa County. Winthrop & Weinstine, Burch & Cracchiolo, Todd & Associates, Hunter Engineering, Commercial Partners Title, Kutak Rock, and US Bank as fiscal Agents. Dominium would like to thank all these partners for their assistance on this project, continued commitment to providing high-quality, affordable housing, and ongoing partnership with Dominium.