Multiple Partners Combine Efforts on Phoenix Affordable Housing Venture
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.
Other News
Synergy Hosts Official Opening for Massachusetts’ Largest Office-to-Resi Conversion
Synergy held the official opening of Altitude Worcester, the largest office-to-residential conversion in Massachusetts, with a ribbon cutting ceremony with Juana Matias, the Secretary of the Massachusetts Executive Office of Housing and Livable Communities , and the City of Worcester. The event also marked the completion of 22 Elm St., the adjacent affordable homeownership community Synergy...
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MBTA Issues RFQ for Redevelopment of Lynn Commuter Parking Garage
The Massachusetts Bay Transportation Authority (MBTA) has issued a request for qualifications from would-be redevelopers of its downtown Lynn, MA commuter parking garage. It’s the first of a two-step process, to be followed by a request for proposals. The five-story garage opened in 1992 and has been partially closed since 2022 over safety concerns, ItemLive...
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Kidder Mathews Arranges Sale of 45-Unit Multifamily in Walla Walla
Suncrest Apartments, a 45-unit multifamily community located at 1800 Evergreen Street in Walla Walla, Washington, has sold for $4.3 million. Kidder Mathews Vice President Max Frame of the Simon | Anderson Multifamily Team in Seattle represented the seller, Art Griff, in the transaction. The buyer was Jason Zook. Situated on 1.72 acres, Suncrest Apartments consists...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout