Blackstone forms JV with Dominium to bring new, affordable housing to Phoenix

Blackstone, through its affordable housing portfolio company April Housing, and Dominium, an affordable housing owner, developer and manager, announced a partnership to develop the Aviara Flats community that will bring 372 new affordable housing units to Phoenix. As part of this partnership, Blackstone will provide $48 million of tax credit equity to support the development of these units.

The property is about a 15-minute drive from downtown Phoenix, and units will be available to households earning at or below 60 percent of the area median income. Aviara Flats will feature a number of community amenities, including a gym, playground, clubroom, pool and theater.

“We are excited to partner with Blackstone and April Housing to deliver on our shared commitment to address the shortage of affordable housing in the United States,” said Mark Moorhouse, Dominium managing partner and executive vice president. “Since breaking ground in June, we have made great progress o