The Maricopa County Board of Supervisors approved a resolution authorizing the Industrial Development Authority of Maricopa County to issue up to $48 million in Multifamily Housing Revenue Bonds for The Summit at Marbella Ranch Project in Glendale.
The bonds, designated Series 2026, will provide tax-exempt financing for a 144-unit apartment complex at the southeast corner of El Mirage Road and Northern Parkway. The project is being developed by Marbella Ranch East II LLC, a longtime Phoenix-area land developer that has built hundreds of residential units across the valley.
How IDA bonds work
The Maricopa County Industrial Development Authority (MCIDA) is a conduit bond issuer created under Arizona law. It does not lend its own money or use taxpayer funds. Instead, it issues tax-exempt bonds on behalf of qualified private borrowers, who then sell the bonds to private investors. Because the interest on these bonds is exempt from federal and Arizona income taxation, developers can borrow at below-market interest rates.
The savings are supposed to flow to tenants in the form of lower rents. The MCIDA describes affordable housing as one of its core focus areas.
The project
The Summit at Marbella Ranch has been in the works for several years. In February 2023, Marbella Ranch East II LLC purchased an 18-acre site in Glendale for $3.96 million. The developer had already entitled the property for a 400-unit multifamily project.
The current plan calls for 144 units across five buildings — four 36-unit residential structures and a standalone clubhouse. Big-D Midwest broke ground on the project as general contractor, working with Real Estate Equities and Kaas Wilson Architects. Phase I is expected to be complete by spring 2027.
Volume cap competition
This bond issuance enters a competitive landscape. The developer initially applied for $60 million in preliminary approval from MCIDA in November 2024, but the state's private activity bond volume cap was oversubscribed by at least a factor of four, according to MCIDA board meeting minutes from March 2025. The project was split into two $30 million phases.
The $48 million figure in the current resolution represents the combined bond authorization for the Summit at Marbella Ranch project as it moves forward under the 2026 volume cap allocation.
Conduit financing, not county debt
The Board of Supervisors does not issue the bonds or take on the debt. Under MCIDA's charter, the board must give final approval before the IDA can proceed with a bond issuance. The IDA serves as a conduit — the bonds are sold to private investors and are obligations of the project, not of the county or its taxpayers.
The resolution was approved as part of the board's consent agenda on May 20, alongside other routine financial and administrative items.