By Jay Taylor | InMaricopa
Two apartment complexes to be built near the southeastern corner of North John Wayne Parkway and West Honeycutt Avenue have received more than $100 million in financing from the Arizona Industrial Development Authority.
The projects, Waterman Senior Apartments and Overland Flats Apartments by DBG Properties, each will have about 200 units. A significant portion of their inventory will be dedicated to affordable housing.
The apartment complexes, on a combined 13 acres, will share a campus.
Overland Flats will encompass seven acres and have units designated as affordable housing. The balance of its inventory will be workforce or market-rate housing, according to Barrett Marson of Arizona IGA.
He added that the need for such projects is large and growing.
“In the Valley, there is a substantial lack of affordable housing, so this area is ripe for new development of affordable-housing units,” he said.
The Waterman apartments will be restricted to those 55 and older and all of its units will be designated affordable housing. It will sit on six acres.
