Real Estate Equities Closes on First Affordable Housing Development in Arizona

Real Estate Equities

Real Estate Equities successfully closed on Copa Flats in Maricopa AZ. Copa Flats will be an amenity-rich family affordable housing development affordable to those making 60% of Area Median Income or less. It is well-located in the City of Maricopa near retail, restaurants, and recreational opportunities.

The 312-unit project, comprised of one, two, and three-bedroom affordable housing units, is located at 17485 N. Porter Road in Maricopa, AZ. The project was designed by Kaas Wilson Architects and is being constructed by General Contractor, Johnson Carlier based out of Tempe, Arizona. The $88 million project will break ground in January 2022 and will be constructed in phases with first occupancy scheduled for April 2023 and a completion date of December 2023.

“We are thrilled to be expanding into Arizona and adding 312 affordable housing units to a market that needs it,” commented Eric Omdahl, Real Estate Equities’ Development Partner. “Copa Flats will offer the level of amenities and finishes you would see in new market-rate developments and will also feature many sustainable and energy-efficient design features. We are privileged to provide this much needed rental housing and to build in this great and growing community.”

The property features a sleek exterior design with numerous amenity spaces such as an outdoor pool, fitness center, yoga studio, clubroom with kitchen and grilling stations. Interiors are complete with high-quality finishes such as hard-surface countertops, stainless steel appliances, in-unit washer and dryer, 9’ ceilings and vinyl-plank flooring.

This is the 10th affordable housing development since 2016 for Real Estate Equities who specializes in multifamily apartment management and development. They currently manage/own a portfolio of over 4,000 units throughout Minnesota, Wisconsin, Indiana and now Arizona.

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