AZIDA - Copa Flats Apartments

Arizona IDA closes $46 million bond issue to build over 300 affordable housing units in Maricopa

Updated: February 28, 2022 at 1:22pm mst

New units expected to be ready for occupancy by summer 2023

Phoenix – The Arizona Development Authority recently closed a $46 million bond transaction that will finance a 312-unit affordable housing development in the town of Maricopa.

The Copa Flats Apartments in Maricopa will be built by the Minnesota-based Real Estate Equities and will be located near the intersection of North Porter Road and West Applegate Road.

“The Arizona IDA’s main mission is to bring more affordable housing to the state and this project will provide a significant development of new units in Pinal County,” said Patrick Ray, the Arizona IDA program manager. “Limited amounts of affordable housing remain an impediment to Arizona’s continued growth. We are working with developers across the country to continue to boost the inventory for the thousands of people who want to relocate and call Arizona home.”

The development is expected to have 13 residential buildings, each with 24 units. The project includes common space amenities such as a clubhouse, a swimming pool, grilling areas, shaded picnic tables, a playground, fitness center and a dog park. REE expects to have the first units available in mid-2023 with the project completed by December 2023.

The Arizona IDA is a non-profit corporation formed in 2016 to make home ownership more affordable and issue conduit revenue bonds to lower financing costs for projects. While the enterprise receives no public funds, its surplus revenues are distributed to the Arizona Housing Trust Fund and Office of Economic Opportunity. Since its inception, the Arizona IDA has delivered about $60 million to the state.

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