The housing developer closed on its first new construction site in Phoenix
PHOENIX — May 13, 2021 — Dominium, a leading affordable housing owner, developer and manager, announced today the closing of land for Vista Ridge in Phoenix. This is Dominium’s second new construction project in the state, and its first in the City of Phoenix. Recently, Dominium opened and staffed a new Mountain West regional office as a part of its commitment to the Phoenix metro—this will be important in supporting the 2,000+ units in the pipeline for the area.
Located at 2050 W. Southern Avenue, the new development will provide 308 units of high-quality affordable housing within a thoughtfully designed community. Vista Ridge, expected to open Spring 2022, will feature eco-friendly amenities, including a community garden and solar energy offsetting nearly 50% of the buildings’ energy consumption.
“Dominium is pleased to be expanding its portfolio of affordable housing developments in Arizona, which is a key growth region for the company,” said Owen Metz, Vice President and Project Partner at Dominium. “The Phoenix market has a strong need for family and workforce housing, and we are happy to bring that to the community members who need it most.”
The development partners for this project include the City of Phoenix, WD Construction, Todd + Associates, Hunter Engineering, Gammage & Burnham, Winthrop & Weinstine, Colliers Securities and First American Title.
Financing for Vista Ridge was made possible with a Freddie Mac Forward Tax Exempt Loan serviced by Keybank, a tax-exempt construction loan and taxable equity bridge loan originated and serviced by Keybank, and an equity investment in the 4% federal tax credits from Alliant Capital. This project was also made possible thanks to the Arizona Department of Housing for the allocation of the federal low-income housing tax credits and the Arizona Industrial Development Authority for their issuance of Private Activity Bonds.
Dominium is grateful for these and many other partners who worked on the closing of these transactions, and those who will be assisting in the construction and operations efforts in the future.
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Founded in 1972, Dominium is a corporate leading owner, developer, and manager of affordable apartment communities nationwide. With nearly 35,000 owned and/or managed units at over 200 sites in about half of all U.S. states, Dominium is known for creative solutions to unique and challenging development projects, and management expertise. Dominium was named a Best Managed Company by Deloitte in 2020. As of 2019, Dominium was ranked second largest owner of affordable housing by Affordable Housing Finance; and 27th in 2020 in NMHC 50 Largest Apartment Owners ranking. For more information, visit www.dominiumapartments.com.