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.
By Cathy Cunningham April 13, 2023 4:30 pm
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Blackstone (BX) 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.
“Alongside April Housing, we have been identifying innovative ways to address the shortage of affordable housing,” Kathleen McCarthy, global co-head of Blackstone Real Estate, said. “We are excited to expand our partnership with Dominium and create new, affordable housing for seniors in Phoenix.”
“We are excited to expand our relationship with Blackstone and April Housing,” Mark Moorhouse, Dominium’s executive vice president of development, said in a statement. “Their investment in Casa Azure, coupled with their previous investment in Aviara Flats, demonstrates a significant commitment to affordable housing for both seniors and families in the Phoenix area. We appreciate their partnership and expertise as we continue working to address the shortage of affordable housing nationwide.”
Blackstone first announced April Housing’s launch in February 2022, setting an intention to provide capital and solutions for the creation and preservation of high-quality affordable housing throughout the U.S.
Its initial task was to oversee a portfolio of 90,000 affordable housing units acquired by Blackstone Real Estate Income Trust, but it has since expanded its reach significantly.
“April’s commitment to preserve and create affordable housing is at the center of everything we do,” Alice Carr, CEO of April Housing, said. “We are thrilled to continue expanding the supply of affordable housing in an area where it is much needed, especially serving seniors, many of whom have fixed incomes.”
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
