Dominium to Build 657 Affordable Units Near Phoenix
Two adjacent projects will make up Arizona's largest affordable development yet.
Dominium will soon break ground on Estrella Springs and Suncrest Vista at Canyon Trails, two adjacent affordable communities totaling 657 units in Goodyear, Ariz. The latter will also be age-restricted.
The 396-unit Estrella Springs and the 261-unit Suncrest Vista at Canyon Trails will make up Dominium’s largest project to date as well as the state’s largest affordable development yet.
The communities will encompass one-, two- and three-bedroom floorplans featuring in-unit washers and dryers. Estrella Springs’ amenities are set to include a clubhouse, fitness center, pool, outdoor kitchen, dog run and play areas, while the senior housing property will feature a clubhouse, fitness center, salon, library and central courtyard with game areas.
Located at 16985 W. Van Buren St., the 28.7-acre site is close to Interstate 10 and roughly 23 miles west of Phoenix. It is also some 5 miles from Historic Goodyear and 6 miles from the Phoenix-Goodyear Airport. There are large retail options nearby, including a Walmart Supercenter.
The affordable project’s partners
According to Yardi Matrix data, project financing includes:
- $146 million in construction loans from Deutsche Bank, originated by U.S. Bank
- $11.1 million in self-financed construction loans from Dominium
- $9.7 million in bonds originated by the Arizona Industrial Development Authority, with U.S. Bank as trustee.
In addition, the properties’ construction will be supported by the Section 42 LIHTC program.
W.D. Construction, a joint venture between Weis Builders and Dominium Construction and Architectural Services, will build the communities. Development partners also include JLL Real Estate Capital, Deutsche Bank, Bremer Bank and Colliers Securities. The Authority of Maricopa County, City of Goodyear, Winthrop & Weinstine, Burch & Cracchiolo, Todd & Associates, Hunter Engineering, Commercial Partners Title and Kutak Rock have also partnered with Dominium for this project.
Bringing RBN supply to Greater Phoenix
Dominium recently received $31 million in LIHTC financing from Blackstone for the construction of an age-restricted affordable community in Phoenix. The deal increases Blackstone and April Housing’s commitment to expand affordable housing in Maricopa County to 568 units.
The Valley led the U.S. in multifamily deliveries in the first half of 2023, with 8,062 units coming online, according to Yardi Matrix data. However, 97 percent of these residences catered to the Lifestyle segment, with only 3 percent addressing the Renter-by-Necessity segment.