Dominium has opened Vista Ridge, a 308-unit fully affordable community in Phoenix. This was the developer’s first project in Arizona.
Dominium broke ground in 2021 and funded Vista Ridge with a $58 million construction loan from U.S. Bank, originated by the Arizona Industrial Development Authority, along with a $16.5 million loan from KeyBank, Yardi Matrix data shows. The project also benefited from the Section 42 LIHTC program.
The community comprises 12 three-story buildings, which incorporate one-, two- and three-story floorplans ranging from 657 to 1,149 square feet. Apartments feature walk-in closets, 9-foot ceilings and ceiling fans, along with private balconies or patios for select layouts. Common-area amenities include a swimming pool, fitness center, grilling areas, yoga studio, playground and clubroom. The property also features solar panels, which handle approximately 50 percent of the energy consumption.
Located at 2050 W Southern Ave., Vista Ridge is roughly 6 miles south of downtown Phoenix. It is also adjacent to some retail and dining options. Residents will have access to the South Central Light rail station, slated for completion in 2024.
Dominium currently owns and manages more than 38,000 units across 230 properties throughout half the states. The company recently secured $31 million in LIHTC financing from Blackstone for the development of another community in Phoenix. According to Yardi Matrix, there are roughly 2,400 affordable units under construction in 15 properties across the metro.
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