Dominium Acquires Land for Estrella Springs and Suncrest Vista, Plans to Develop 657 New Affordable Apartment Homes in the Goodyear, AZ

Property News

The affordable housing development marks the largest multifamily new construction bond project within the state of Arizona, and for Dominium

Dominium, a leading affordable housing owner, developer and manager announced that it has closed on a deal to acquire land for the development of a new community of affordable apartment homes.

Estrella Springs at Canyon Trails & Suncrest Vista at Canyon Trails are located at 16985 W Van Buren Street in Goodyear, Arizona. Dominium plans to use the land to construct the combined $316 million development of a new high-quality housing community for low-income families in the state of Arizona. Once completed, Estrella Springs at Canyon Trails will provide 396 high quality homes , and Suncrest Vista at Canyon Trails will provide 261 high quality senior homes for the City of Goodyear. The project will be constructed by WD construction, a joint venture between Weis Builders and Dominium Construction and Architectural Services. 

Construction of Estrella Springs and Suncrest Vista will be supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC). Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market through the simple fact of increasing the supply of affordable housing.

Dominium would like to thank its development partners JLL Real Estate Capital, Deutsche Bank, Bremer Bank, U.S. Bank, the Arizona Department of Housing, the Arizona Industrial Development Authority, the Housing Authority of Maricopa County, the City of Goodyear, Winthrop & Weinstine, Burch & Cracchiolo, Todd & Associates, Hunter Engineering, Commercial Partners Title, and Kutak Rock.