Multiple Partners Combine Efforts on Phoenix Affordable Housing Venture

Pennrose, Bank of America, Butler Housing Company, CBC Financial Corp, the City of Phoenix, and the Arizona Department of Housing all contributed their efforts to Garfield Terrace, a $57 million, multi-phase development that will bring 120 high-quality, affordable senior apartments to Downtown Phoenix’s Garfield Historic District.

Garfield Terrace I is a 60-unit, four-story affordable senior housing community for individuals aged 55 and older. It offers a mix of studio and one-bedroom apartments. Twelve units are restricted at or below 30% AMI, six are available at 40% AMI, and 24 are available at 50% AMI. The balance of the property’s units is restricted to 60% AMI.    

Garfield Terrace II will deliver another 60 income-restricted senior apartments available at or below 60% AMI, with 12 units set aside for formerly homeless individuals. Phase II is slated for completion in Fall 2026. 

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