Blackstone and Dominium have partnered to develop the Aviara Flats community that will bring 372 new affordable housing units to Phoenix, Arizona. As part of this partnership, Blackstone will provide $48 million of tax credit equity to support the development of these low-income housing tax credit units.

The property is located an approximately 15-minute drive from Downtown Phoenix and units will be available to households earning at or below 60 percent of the area median income. Aviara Flats will feature a number of community amenities including a gym, playground, clubroom, pool and theater.

Blackstone is investing in this development through its affordable housing portfolio company, April Housing. April Housing is a leading provider of solutions and capital for the preservation and creation of high-quality affordable housing in the United States. The company prioritizes improving communities and supporting residents while expanding the available supply of affordable housing.