Lincoln Avenue Communities Breaks Ground on its First Build-to-Rent Affordable Housing Development in Maricopa, Arizona
MARICOPA, Ariz., May 23, 2025 /PRNewswire/ -- Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground this week on The Ranches at Gunsmoke Apartments, a ground-up development that will provide 271 units for individuals and families in Maricopa earning up to 60% of the Area Median Income.
'We are excited to break ground on LAC's first Build-to-Rent development and to partner with WNC & Associates to bring high-quality affordable housing to Arizonans,' said Ben Taylor, LAC vice president and project partner. 'The Ranches at Gunsmoke will provide sorely needed units in one of the nation's fastest-growing metro areas.'
The Ranches at Gunsmoke is LAC's first Build-to-Rent (BTR) development and will consist of two- and three-bedroom duplexes and standalone homes, with each unit featuring a patio, walk-in closets, and private fenced backyards. Communal amenities will include a fitness center, pool, grilling areas, a clubhouse, and rental storage units. Additionally, a solar carport system will be installed to offset approximately 50% of the community's electricity usage. Construction is expected to be completed in 2026.
'We're excited to see this new community taking shape thanks to Lincoln Avenue Communities,' said Maricopa Mayor Nancy Smith. 'This new development addresses the needs of those who work in the city of Maricopa, whether they're hourly workers, teachers, new police officers, or even our retired senior citizens who want to be a part of a community in which they don't have to take care of the property itself.'
The development's financing includes back-to-back construction and permanent loans from Citibank, $65 million in tax-exempt bonds issued by the Arizona Development Authority, and $49 million in Low-Income Housing Tax Credits (LIHTC) and solar equity from WNC.
About LAC: Lincoln Avenue Communities (LAC) is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. LAC is a mission-driven organization with a presence in 28 states and a portfolio of 170+ properties comprising 30,500+ units housing 80,000+ residents.
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SOURCE Lincoln Avenue Communities
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