DevCo Residential Group, R4 Capital Funding and Western Alliance Bank Break Ground on Jesse Owens Parkway Apartments in Phoenix
New Multifamily Project to Deliver 236 Affordable Units in Late 2026
PHOENIX — DevCo Residential Group today broke ground on the future Jesse Owens Parkway Apartments, a 236-unit affordable housing development just 5 miles south of downtown Phoenix. Construction-to-permanent financing was provided by Western Alliance Bank in partnership with R4 Capital Funding.
Located at 300 E. Jesse Owens Parkway, the completed project will consist of 120 one-bedroom units, 93 two-bedroom units and 23 three-bedroom units for residents earning up to 60% of the Area Median Income (AMI). The development will also include 381 parking spaces.
“Western Alliance Bank is proud to play a role in bringing 236 new units of much-needed affordable housing to Phoenix,” said Philipp Smaczny, senior director of Affordable Housing Investments for Western Alliance Bank, Arizona’s largest locally headquartered bank and the largest bank in Maricopa County. “We congratulate all involved with this exciting project, including our partners R4 Capital Funding, R4 Capital and DevCo Residential Group.”
The 4% Low-Income Housing Tax Credit (LIHTC) ground-up construction project is scheduled to be completed within two years. The first families will move into their apartment homes in late 2026.
“DevCo is excited to break ground on our first new construction project in the Phoenix market and across the state of Arizona. We are deeply grateful to collaborate with exceptional partners like R4 Capital, R4 Capital Funding and Western Alliance Bank, our bond investor. Partnerships like these empower developers like us to continue delivering much-needed affordable housing to the communities that need it most,” said Griffin Hitzel of DevCo Residential Group, a fully integrated development, construction and property management company established in 1994 with more than 12,000 units of affordable and market-rate apartment housing.
“Meaningful, committed partnerships across the development, public and financial sectors can remedy the lack affordable housing across the nation,” said Mike Hopps of R4 Capital Funding, R4 Capital's lending platform that provides mortgage capital for affordable multifamily housing properties throughout the U.S. “We congratulate DevCo Residential for bringing housing to the Phoenix metro area and throughout the western United States, and thank Western Alliance, one of our longstanding financial partners, and R4 Capital, our parent company and the equity partner, for their longstanding commitment to ensuring affordable housing can be built.”
About DevCo Residential Group
Headquartered in Washington state, DevCo Residential Group is an integrated development and investment company focused on multi-family communities. Founded in 1994, the company and its affiliates develop, own and manage over 12,000 affordable and market-rate apartment units throughout the United States. Learn more at www.devcous.com.
About R4 Capital
R4 Capital is a nationwide affordable housing investor, lender, loan servicer, and asset manager. Founded in 2011, the firm manages more than $10.5 billion of affordable housing equity and debt investments, including $6.5 billion of LIHTC equity and more than $4 billion of tax-exempt debt. R4 Capital’s growing investment portfolio spans 49 U.S. states and territories, and consists of more than 68,000 units of affordable housing. R4 Capital has offices in New York, NY, Boston, MA, Newport Beach, CA, and Austin, TX. Learn more at www.r4cap.com.
Western Alliance Bank
With more than $80 billion in assets, Western Alliance Bancorporation is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, offers a full spectrum of tailored commercial banking solutions and consumer products, all delivered with outstanding service by banking and mortgage experts who put customers first. Major accolades include being ranked as a top U.S. bank in 2024 by American Banker and Bank Director and receiving #1 rankings on Extel’s (formerly Institutional Investor’s) All-America Executive Team Midcap 2024 for Best CEO, Best CFO and Best Company Board of Directors. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide.
