Phoenix, AZ (July 28, 2025) — St. Charles Town Company (“St Charles”) is expanding its workforce housing portfolio to Arizona and is pleased to announce the closing of financing and commencement of construction for Broadway Farms at Hurley Station, Phase I, a 190‐unit new construction multifamily community located in the Estrella Village neighborhood of Southwest Phoenix. Broadway Farms is the first portion of a 20-acre horizontal mixed-use development called Hurley Station, which is a collaboration between St Charles and Vintage Partners, a Phoenix based real estate investment and development firm. St Charles intends to construct 334-units of workforce housing in two phases for households earning up to 60% of area median income, and Vintage Partners is looking to build up to 20,000 square feet of neighborhood-serving retail. Construction on the Phase I workforce housing component is expected to be completed in early 2027.
Development of the Broadway Farms community was made possible with the support of many repeat financing partners and several new relationships for St Charles, including: the largest ever LIHTC construction debt and equity investments from UMB Bank, N.A.; housing tax credit syndication from CREA, LLC; a permanent loan from Citi Community Capital; a nonprofit partnership with Community Enhancement Corporation; and an acquisition and construction bridge loan from NewWest Community Capital. Private activity bond capacity was provided by the Arizona Finance Authority, and housing revenue bonds were issued by the Phoenix IDA with the help of Stifel, Nicolaus, and Company, Inc. The 4% tax credits were allocated by the Arizona Department of Housing, who also awarded the community State Housing Trust Funds.
Like all of St Charles’ projects, Broadway Farms incorporates high quality and individualized local design inspiration provided by Perlman Architects of Arizona. The all-electric design offers oversized one-, two-, and three-bedroom homes and includes a community clubhouse, fitness facility, yoga studio, theater, pool, bicycle repair station, children’s playground, electric vehicle charging stations, and ample bicycle parking. Phase I also includes notable improvements to public infrastructure in the area with a traffic signal installation at S 91st Avenue and Broadway Road and a shaded multi-use trail along Broadway Road available for public use.
“We’re incredibly excited to formally enter the Arizona market with Phase I of Broadway Farms at Hurley Station” said Jason Battista, Development Partner at St Charles. “Our projects reflect our deep commitment to creating vibrant, sustainable, and attainable communities. The level of collaboration and public support for this development has been exceptional, and we’re honored to help meet the housing needs of working families in Southwest Phoenix.”