LOS ANGELES & PHOENIX--(BUSINESS WIRE)--Blackstone (NYSE: BX), through its affordable housing portfolio company, April Housing (“April”), and Dominium, a leading affordable housing owner, developer and manager, today announced an expansion of their partnership to develop Casa Azure, which will bring 196 new affordable housing units to Phoenix, Arizona. Building on its commitment to preserve and create new affordable housing, Blackstone will provide $31 million of tax credit equity to support the development of this community. This increases Blackstone and April Housing’s commitment to expand the affordable housing stock in Maricopa County to a total of 568 new LIHTC units through $79mm of investments.
Casa Azure is an age-restricted, seniors' property, which will be available to those earning at or below 60 percent of the area median income. The property will feature several community amenities including a pool, clubhouse, library and fitness center. Casa Azure also utilizes solar panels on the roofs of its carports and ION water systems to help save energy and water.
“We are excited to expand our relationship with Blackstone and April Housing,” said Mark Moorhouse, Dominium Managing Partner and Executive Vice President of Development. “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.”
Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, said, “Alongside April Housing, we have been identifying innovative ways to address the shortage of affordable housing. We are excited to expand our partnership with Dominium and create new, affordable housing for seniors in Phoenix.”
“April's commitment to preserve and create affordable housing is at the center of everything we do,” said Alice Carr, Chief Executive Officer of April Housing. “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.”
About April Housing
April Housing, a Blackstone Real Estate portfolio company, 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.
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 over 38,000 homes at over 230 sites in about half of all U.S. states, Dominium is known for creative solutions to unique and challenging development projects, and property management expertise. Dominium was named a Best Managed Company by Deloitte in 2020. For more information, visit www.dominiumapartments.com.