(Rendering via Kaas Wilson Architects)
By Christine Serlin | Multifamily Executive, Housing Finance
Real Estate Equities and Big-D Construction have broken ground on a new multifamily affordable housing community, the 312-unit Copa Flats, in Maricopa, Arizona. While this will be the sixth endeavor between Real Estate Equities and the Big-D family of companies, it is the partners’ first venture in Arizona.
“The accelerating employment market, allure of Arizona to relocating renters, and overall product demand combined for a prime opportunity,” said Eric Omdahl, development partner with Real Estate Equities. “We see this project as the first of many in the Phoenix metro, and we will look to fill a void in the area’s rising housing needs.”
St. Paul, Minnesota-based Real Estate Equities owns and manages over 3,500 units in Indiana, Minnesota, and Wisconsin. It has partnered with Big-D Midwest on five projects in the Twin Cities area with more in the pipeline. Arizona-based Johnson Carlier, an independently managed part of the Big-D family of companies, is the general contractor on the Copa Flats project.