Dominium Breaks Ground on Phoenix, Arizona Affordable Housing Development

Property News

The developer celebrates the beginnings of Vista Ridge Apartments at Sept. 15 event

Dominium, a leading affordable housing owner, developer and manager, recently celebrated breaking ground on its new affordable housing development, Vista Ridge Apartments, in Phoenix. Photos of the event can be found here.

The groundbreaking celebration featured a golden shovel ceremony and a short presentation. Speakers included Arizona Department of Housing Deputy Director Cindy Stotler, Vice Mayor of Phoenix Carlos Garcia, Dominium Senior Vice President and Partner Mark Moorhouse, and Vice President and Project Partner Owen Metz. Stotler spoke about the importance of public-private partnerships in helping solve Arizona’s affordable housing crisis, while Vice Mayor Garcia praised the high quality of Dominium apartments and spoke about the importance of maintaining long-term affordability in Phoenix.

The 308-unit development, located at 2050 W. Southern Ave., is Dominium’s second new construction apartment community in the state of Arizona. It will feature one-, two-, and three-bedroom apartments in 12 three-story buildings. Expected to open Spring 2023, Vista Ridge will include eco-friendly amenities, such as a community garden and solar energy offsetting nearly 50% of the buildings’ energy consumption. Designed with working families in mind, the property features a fitness center, pool, playground and dog park. Residents will also be able to access the South Central light rail extension, currently underway, which will add a nearby rail station when completed in 2024.

“The need for both workforce and senior affordable housing across the Valley cannot be exaggerated,” Metz said. “While the challenge is great, our team here in Phoenix is motivated to help bring attainable housing to the market. We like challenges and helping solve the housing crisis in the Phoenix metro is a challenge that we want to take on.” Vista Ridge will provide high-quality affordable family housing to those earning no more than 60% of the area median income.

Financing for Vista Ridge was made possible with a Freddie Mac Tax Exempt Loan serviced by KeyBank, a tax-exempt construction loan and taxable equity bridge loan originated and serviced by KeyBank, and an equity investment in the 4% federal tax credits from Alliant Capital. This community was also made possible thanks to the Arizona Department of Housing for the allocation of the federal low-income housing tax credits and the Arizona Industrial Development Authority for their issuance of federal Private Activity Bonds. Dominium is grateful for these and many other partners who worked on the closing of these transactions, and those who will be assisting in the construction and operations efforts in the future.