Lincoln Avenue Communities and WNC & Associates secured financing for The Ranches at Gunsmoke, a 271-unit build-to-rent affordable development in Maricopa. Completion is slated for 2026.
The Ranches at Gunsmoke financing package includes $91 million in 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. The investor provided 40 percent of the development’s financing.
The project will comprise a mix of two—and three-bedroom duplexes and standalone homes, each featuring patio space, walk-in closets and a private fenced backyard. The rental homes will cater to residents earning up to 60 percent of the Area’s Median Income.
“We’re thrilled to collaborate with WNC on our third ground-up development in central Arizona,” said LAC CEO Jeremy Bronfman. “LAC is proud to now have over 800 units of high-quality affordable housing for individuals and families under construction in Pinal County.”
Amenities will include a gym, swimming pool, club house and rental storage units. A solar carport system is expected to offset roughly 50 percent of the community’s electricity usage.
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. A subsidiary of Lincoln Avenue Capital, LAC is a mission-driven organization with a presence in 28 states and a portfolio of 155+ properties comprising 27,000+ units.
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors.
