Gardner Capital Development to Develop Affordable Senior Housing Community

PHOENIX, June 15, 2016 /PRNewswire/ -- Gardner Capital Development has been awarded a reservation of Low Income Housing Tax Credits from the Arizona Department of Housing to develop the El Caro Senior Residences, an $18 million affordable senior housing project consisting of 102 energy-efficient one- and two-bedroom apartments. The site is located one-half mile from the Metro Light Rail Station at the intersection of 19th and Northern avenues.

Construction of the development, named after the former golf course located at the site, is anticipated to begin in the first quarter of 2017, with completion expected 15 months after construction begins. All units will be leased to seniors earning generally between $18,000 and $34,000 in household income, with a mix of apartments set aside at 40-60 percent of Metro Phoenix median income. Twenty-five percent of the units will be reserved for seniors or family members with developmental disabilities. Gardner Capital Development will serve as the project lead developer. Reid Butler and Scott Davis will serve as additional advisors to the project. The United Cerebral Palsy Association of Central Arizona will provide supportive services for the housing community when completed.

http://www.prnewswire.com/news-releases/gardner-capital-development-to-develop-affordable-senior-housing-community-300284535.html

Posted by editor on Fri, 17 Jun 2016 14:06