Blackstone to provide $48 million in tax credit to support Dominium’s new 372-unit LIHTC development in Phoenix, Arizona
Fulfills Blackstone’s commitment to improving communities and expanding access to affordable housing
LOS ANGELES & PHOENIX, October 24, 2022–(BUSINESS WIRE)–Blackstone (NYSE: BX), through its affordable housing holding company April Housing (“April”), and Dominium, a leading owner, developer and manager of affordable housing, announced today a partnership to grow the Aviara Flats community that will bring 372 new affordable homes to Phoenix, Arizona. As part of this partnership, Blackstone will provide $48 million in tax credits to support the development of these units.
The property is located approximately a 15-minute drive from downtown Phoenix and units will be available for households with incomes at or below 60% of the area median income. Aviara Flats will feature a number of community amenities including a gym, playground, club room, swimming pool and theatre.
“We are thrilled to partner with Blackstone and April Housing to deliver on our shared commitment to addressing the affordable housing shortage in the United States,” said Mark Moorhouse, Managing Partner and Executive Vice President of Dominium. “Since work began in June, we have made great strides in developing the property and look forward to working with April to complete Aviara Flats in 2024. April’s knowledge and approach to investing LIHTC are impressive, and Dominium couldn’t be more excited about their involvement in the tax credit space.”
Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, said: “Since we launched April Housing, we have been focused on identifying ways to create and preserve affordable housing. We are delighted to partner with Dominium to help provide much needed affordable housing. to Phoenix.”
“This partnership represents an important step in our mission to create quality affordable housing,” said Alice Carr, CEO of April Housing. “This is April’s first direct LIHTC investment, and we look forward to developing more solutions and deploying more capital to expand the national supply of affordable housing.” We are thrilled to partner with Dominium to create an essential new offering and meet the needs of Phoenix’s growing community. .”
About April Housing
April Housing, a portfolio company of Blackstone Real Estate, is a leading provider of solutions and capital for the preservation and creation of high-quality, affordable housing in the United States. April Housing prioritizes improving communities and supporting residents while expanding the available supply of affordable housing. Further information is available at www.aprilhousing.com.
About Dominium
Founded in 1972, Dominium is a leading national owner, developer and manager of affordable apartment communities with offices in Atlanta, Dallas, Phoenix and Minneapolis. Owning and managing more than 38,000 homes at more than 230 sites in approximately half of the US states, Dominium is known for its creative solutions to unique and challenging development projects and its property management expertise. Dominium was named Deloitte’s Best Managed Company of 2020. For more information, visit www.dominiumapartments.com.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20221023005117/en/
contacts
April Housing
Keosha is burning
[email protected]
323.351.1258
Joele Frank, Wilkinson Brimmer Katcher
Jon Keehner / Lucas Pers / Woomi Yun
212.355.4449
Dominica
Sandy Scott
Office: 1.952.851.7216
Mobile: 1.651.208.4582
[email protected]
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