The developer of the city’s newest apartment community, Copa Flats, plans to kick off construction of the 312-unit, three-story community by the end of January, with a view to having units available for rent in April 2023. Real Estate Equities of St. Paul, Minn., said full construction is expected by December 2023.
REE recently announced the closing of funding 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 housing to households earning 60% of the region’s median income or less.
“We are excited to expand into Arizona and add 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 equipment and finishes that you would see in new developments at market price and will also feature many durable 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 was named as an affordable housing development, designed to accommodate municipal workers, entry-level professionals and others who are working but don’t have enough money to buy a house.
“I think it’s important to keep in mind that this is an affordable housing development, in which all residents will be eligible for income,” Omdahl said.
Company officials note that the development is close to retail, dining 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 Expressway at 17485 N. Porter Road, near the The Wells Shopping Center.
Copa Flats will have 48 one-bedroom and one-bathroom units; 108 two-bedroom, two-bathroom units; and 156 three-bedroom, two-bathroom units. The community will consist of 13 three-story buildings that will measure approximately 35 feet in height. There will be 24 apartments per building.
According to the developer, the property features “a sleek exterior design with plenty of amenity spaces, including an outdoor pool, fitness center, yoga studio, club room with kitchen, and grill stations.” Interiors are complete with high quality finishes such as hard surface countertops, stainless steel appliances, built-in washers and dryers, 9 foot ceilings and vinyl plank floors.
This 10th affordable housing development from Real Estate Equities since 2016. The company specializes in the management and development of multi-family apartments and manages and / or has a portfolio of over 4,000 units in Indiana, Minnesota, Wisconsin and now Arizona.