Gardner Capital to Develop 102-Unit, $18M Affordable Community in Phoenix

by Jeff Shaw

PHOENIX — Gardner Capital Development has announced plans for El Caro Seniors Residence, an $18 million, 102-unit affordable seniors housing property in Phoenix.

The Arizona Department of Housing has reserved low-income housing tax credits (LIHTC) for the project.

Construction of the five-acre development, named after the former golf course located at the site, is scheduled to begin in the first quarter of 2017, with completion expected 15 months later.

All units will be leased to seniors earning generally between $18,000 and $34,000 per year, with a mix of apartments set aside at 40 to 60 percent of the Metro Phoenix median income. A quarter of the units will be reserved for seniors or family members with developmental disabilities.

Gardner will serve as 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.

Gardner Capital is an affordable housing and renewable energy tax credit development, syndication and investment company with offices located in St. Louis, Dallas, San Francisco, Atlanta and Springfield, Mo.

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