Blackstone and Dominium Partner to Bring New Affordable Housing to Phoenix

Blackstone and Dominium have partnered to develop the Aviara Flats community that will bring 372 new affordable housing units to Phoenix, Arizona. As part of this partnership, Blackstone will provide $48 million of tax credit equity to support the development of these low-income housing tax credit units.

The property is located an approximately 15-minute drive from Downtown Phoenix and units will be available to households earning at or below 60 percent of the area median income. Aviara Flats will feature a number of community amenities including a gym, playground, clubroom, pool and theater.

Blackstone is investing in this development through its affordable housing portfolio company, April Housing. April Housing is a leading provider of solutions and capital for the preservation and creation of high-quality affordable housing in the United States. The company prioritizes improving communities and supporting residents while expanding the available supply of affordable housing.

Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, said, “Since we launched April Housing, our focus has been on identifying ways to create and preserve affordable housing. We are excited to partner with Dominium to help deliver much-needed affordable housing in Phoenix.”