Pennrose, Bank of America, Butler Housing Company, CBC Financial Corp, the City of Phoenix, and the Arizona Department of Housing all contributed their efforts to Garfield Terrace, a $57 million, multi-phase development that will bring 120 high-quality, affordable senior apartments to Downtown Phoenix’s Garfield Historic District.

Garfield Terrace I is a 60-unit, four-story affordable senior housing community for individuals aged 55 and older. It offers a mix of studio and one-bedroom apartments. Twelve units are restricted at or below 30% AMI, six are available at 40% AMI, and 24 are available at 50% AMI. The balance of the property’s units is restricted to 60% AMI.    

Garfield Terrace II will deliver another 60 income-restricted senior apartments available at or below 60% AMI, with 12 units set aside for formerly homeless individuals. Phase II is slated for completion in Fall 2026.