MARICOPA, Ariz. — Lincoln Avenue Communities (LAC) has officially broken ground on The Ranches at Gunsmoke Apartments, a 271-unit affordable housing development in Maricopa. The project is the organization’s first Build-to-Rent (BTR) development, targeting individuals and families earning up to 60% of the Area Median Income (AMI).
The development will offer a mix of two- and three-bedroom duplexes and standalone homes, each featuring private backyards, patios, and walk-in closets. Community amenities will include a fitness center, pool, grilling areas, clubhouse, and on-site storage units. A solar carport system will be installed to offset around 50% of the community’s electricity consumption. Completion is slated for 2026.
Maricopa Mayor Nancy Smith joined LAC and local partners at the groundbreaking event.
“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,” said Mayor Smith.
Financing for the project includes:
$65 million in tax-exempt bonds issued by the Arizona Development Authority
Back-to-back construction and permanent loans from Citibank
$49 million in Low-Income Housing Tax Credits (LIHTC) and solar equity from WNC & Associates
“This new community addresses a critical need for quality housing in one of the fastest-growing metro areas in the U.S.,” said Ben Taylor, vice president and project partner at LAC.
About LAC:
Lincoln Avenue Communities is a mission-driven developer, investor, and operator of affordable and workforce housing. With a presence in 28 states, the company manages more than 30,500 units across 170+ properties, housing over 80,000 residents nationwide.
