“We’re thrilled to collaborate with WNC on our third ground-up development in central Arizona,” said LAC CEO Jeremy Bronfman. “LAC is proud to now have over 800 units of high-quality affordable housing for individuals and families under construction in Pinal County.”
The Ranches at Gunsmoke is LAC’s first Build-to-Rent (BTR) development and will feature a mix of two- and three-bedroom duplexes and standalone homes, each with a patio space, walk-in closets, and a private fenced backyard. The community will offer amenities including a fitness center, pool, grilling areas, a clubhouse, and rental storage units. Additionally, a solar carport system will be installed to offset approximately 50% of the community’s electricity usage. The project is expected to be completed in 2026.
“This project is a stellar example of new, affordable housing designed specifically for families, with plentiful amenities. WNC welcomes the drive, thoughtfulness and Innovation of LAC’s long-term approach to meeting the housing needs of the community,” said Darrick Metz, Senior Vice President of Originations at WNC. “WNC is providing 40% of the project’s financing, and we are proud of our part in helping the Maricopa community grow.”
The project’s financing package includes back-to-back construction and permanent loans from Citibank, $65 million in tax-exempt bonds issued by the Arizona Development Authority, and $49 million in Low-Income Housing Tax Credits (LIHTC) and solar equity from WNC.
