Blackstone Provides $31M for Phoenix Seniors Affordable Housing Development
Second deal in the Blackstone-Dominium partnership expands the area’s affordable housing stock by 192 units.
Blackstone has expanded its partnership with Dominium by providing $31 million of tax credit equity for the affordable housing developer’s latest project in Phoenix, Commercial Observer can first report.
When completed in the winter, Casa Azure will bring 196 new units to the area, available to seniors earning 60 percent of the area median income or less, and residents will have access to community amenities including a pool, a library and a fitness center.
The transaction is the second Low Income Housing Tax Credit (LIHTC) investment made by April Housing — Blackstone’s affordable housing portfolio company — in Dominium’s expanding portfolio. In October, April Housing made its market debut by providing $48 million of tax credit equity for Dominium’s Aviara Flats development.