Construction is set to begin in the coming weeks on Copa Flats, a housing project in Maricopa, Arizona. The project will feature 312 affordable housing units and will be Real Estate Equities‘ first project in Arizona. The project will be constructed in phases and is projected to cost $88 million. The initial occupancy is scheduled for April of next year, with construction scheduled to be completed by the end of the year. It will offer one-, two-, and three-bedroom flats to households earning 60% or less of the regional median income. The project’s funding includes a 4% low-income housing tax credit from the Arizona Department of Housing.
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“We are excited to be expanding into Arizona and bringing 312 affordable housing units to a community that really needs them.” Copa Flats will have the facilities and finishes seen in modern market-rate complexes, as well as various environmental and energy-efficient design elements. “We are honored to provide this much-needed rental housing and to construct in this wonderful and expanding neighborhood,” said Eric Omdahl, Real Estate Equities’ development partner.
More details on the Arizona Copa Flats
The property has a modern external design and several amenity areas, such as an outdoor pool, a fitness center, a clubroom with a kitchen, a yoga studio, and grilling stations. Hard-surface worktops, in-unit washers and dryers, stainless steel appliances, 9-foot ceilings, and vinyl plank flooring complete the interiors. WNC is the transaction’s investor limited partner. Citi Community Capital provided construction and permanent finance. In addition, the bond was issued by the Arizona Industrial Development Authority, and Minnwest Bank provided an equity bridging loan. Kaas Wilson Architects designed the project, which is being built by general contractor Johnson Carlier of Tempe, Arizona.
