The developer of the city’s newest apartment community, Copa Flats, plans to break ground on the 312-unit, three-story community in late January, with an eye toward having units available for lease in April 2023. Real Estate Equities of St. Paul, Minn., said complete build out is expected by December 2023.
REE recently announced it has closed on the financing for the project, which will bring 312 affordable housing units to Maricopa. The $88 million project will provide one-, two-, and three-bedroom units defined as affordable homes to households earning 60% of the area median income or less.
“We are thrilled to be expanding into Arizona and adding 312 affordable housing units to a market that needs it,” Eric Omdahl, Real Estate Equities’ development partner, told Housing Finance.com. “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 project has been designated as an affordable housing development, which is designed to accommodate municipal workers, entry-level professionals and others who are working but do not have enough money to purchase a home.
“I think it’s important to bear in mind that this is an affordable housing development, in which all residents will be income qualified,” Omdahl said.
Company officials note that the development is near retail, restaurants, and recreational opportunities. It sits on 13 acres east of N. Porter Road at the intersection of N. Porter and W. Applegate roads, just north of the Maricopa-Casa Grande Highway at 17485 N. Porter Road near The Wells shopping center.
Copa Flats will have 48 one-bedroom, one-bath units; 108 two-bedroom, two-bath units; and 156 three-bedroom, two-bath units. The community will consist of 13, three-story buildings which will be about 35 feet in height. There will be 24 apartment units per building.
According to the developer, the property features “a sleek exterior design with numerous amenity spaces, including an outdoor pool, a fitness center, a yoga studio, a clubroom with a kitchen, and grilling stations. Interiors are complete with high-quality finishes such as hard-surface countertops, stainless steel appliances, in-unit washers and dryers, 9-foot ceilings, and vinyl-plank flooring.”
This Real Estate Equities’ 10th affordable housing development since 2016. The company specializes in multifamily apartment management and development and manages and/or owns a portfolio of more than 4,000 units throughout Indiana, Minnesota, Wisconsin, and now Arizona.