An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Blackstone and Dominium Expand Partnership to Bring Additional New Affordable Housing to Phoenix
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Blackstone to Provide an Additional $31 Million of Tax Credit Equity to Support Dominium’s Latest 196-Unit LIHTC Development in Phoenix, Arizona
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.
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 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.
blackstone is the world’s largest alternative asset manager. we seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. we do this by using extraordinary people and flexible capital to help companies solve problems. our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. further information is available at www.blackstone.com. follow blackstone on twitter @blackstone.
