By Karen Schutte for Real Estate Daily News
Gardner Capital Development in Arizona has paid $1.7M for approximately 52KSF of land along with improvements to create a 50-unit apartment complex.
The developer has been awarded a reservation of Low Income Housing Tax Credits from the Arizona Department of Housing competitive application process to develop 7th Avenue Commons, a $14M million workforce housing project consisting of 50 one- two- and three-bedroom apartments, located at 529 North 7th Avenue, adjacent to the West University Historic District.
Construction will begin in Q1, with completion expected in the Q1 of 2018. Neighborhood Housing Solutions, a nonprofit organization, will serve as co-developer. The ADH will serve as project manager. Over 10 years, Gardner will receive nearly $11.5M in tax credits.
When completed, 27 of the units will be developed within the site’s existing warehouse/office buildings. The remaining 23 will be located in a newly constructed three-level building that will also include a screened parking level on the first floor. An outdoor multi-purpose court and play area will be included. All 50 units can be leased to residents earning at or below 60 percent of area median income.
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