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Investors Ink Financing for 271-Unit Phoenix-Area BTR Project
Lincoln Avenue Communities and WNC & Associates secured financing for The Ranches at Gunsmoke, a 271-unit build-to-rent affordable development in Maricopa. Completion is slated for 2026.
The project’s financing package includes $91 million in 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. The investor provided 40 percent of the development’s financing.
The project will comprise a mix of two—and three-bedroom duplexes and standalone homes, each featuring patio space, walk-in closets and a private fenced backyard. The rental homes will cater to residents earning up to 60 percent of the Area’s Median Income.
Amenities will include a gym, swimming pool, club house and rental storage units. A solar carport system is expected to offset roughly 50 percent of the community’s electricity usage.
The 22-acre development is at 19550 N. Gunsmoke Road, roughly 39 miles south of downtown Phoenix.
- ◦Development
