The real estate world of Phoenix is gearing up for a boost with its newest community project. With this, aspiring homeowners will be able to make their way to an affordable housing unit laced with amenities. The build-to-rent development will open doors for Greater Phoenix residents by next year.
Highlights
- Saddleback Village at Stonegate will present Maricopa residents with a new 215-unit community project by next year.
- The affordable build-to-rent project is an initiative by Dominion, which will bring up new bedroom apartments, private backyards, a playground, and other amenities.
- The project developer will also offer Arizona 35 other affordable housing projects in the coming years.
New Community Development to Open in Maricopa, Phoenix
The groundbreaking ceremony will be held this month for a 215-unit community project at Maricopa, Phoenix. Saddleback Village at Stonegate will be the first affordable housing initiative by developer Dominium in the Greater Phoenix area.
Lifestyle Homes will be the general contractor, which will construct townhomes and single-family rental homes through the project. Todd & Associates will be the project designer of the build-to-rent development based at 18260 N. Alan Stephens Parkway, 36 miles south of downtown Phoenix.
The affordable housing initiative is particularly focused on providing living solutions to Greater Phoenix households earning up to 60% of the median income of the area. Project developers are confident of completing the construction work at the 19-acre site by the summer of 2026.
Amenities at the $8.3 million-valued Development
The community housing development, Saddleback Village at Stonegate, is an initiative by Dominium. The affordable housing developer had bought the build-to-rent development for $8.3 million in December 2024.
Maricopa’s newest community development will offer residents three- and four-bedroom rental homes. Each of these homes will feature 9-foot ceilings, key-fob-controlled entry points, and private backyards.
Phoenix residents will also get amenities like a leasing center, outdoor amenity spaces, and a playground.
Pool of Fund Providers and Partners for Community Development
The latest 215-unit community development has received funding from real estate finance service provider Walker & Dunlop through a Freddie Mac loan ($45.7 million) and LIHTC equity ($41.5 million).
Many other partners have joined the Phoenix project, including Western Alliance Bank, Winthrop & Weinstine, Slania Law, Bremer Bank, Commercial Partners Title, Winthrop & Weinstine, and Bowman Engineering.
Zoning Approvals and Contracting Challenges for the BTR Project
Construction for Saddleback Village at Stonegate has not begun as of now. However, problems regarding zoning approvals and other challenges related to contractors have already erupted.
The general trend of affordable multifamily projects in Maricopa features about 22 units per acre. However, the latest community project by Dominion involved a lower number, which could lead to issues in approval from city officials.
Apart from this, developers of the Greater Phoenix project may face issues with getting contractors that easily accept performance bonds and payments.
Phoenix Braces for 35 Other Housing Units by the Project Developer
Phoenix is heading towards a new high in affordable housing development in the coming years. This is because Dominium is bracing for its 35 Arizona-based projects, which would collectively present residents with 1,500 affordable housing units.
Saddleback Village at Stonegate promises to be a stepping stone in the successful run of affordable rental housing projects in Phoenix. Its 215 new units, along with 35 other housing projects in Arizona, hint at a thriving affordable housing landscape in the state.
