The affordable housing developer expands its portfolio with first project in Cape Coral
Cape Coral, Fla. — February 3, 2022 — Dominium, a leading national owner, developer, and manager of affordable housing, announced today that it has acquired The Crossings at Cape Coral, an affordable housing development in Cape Coral, Florida. This is Dominium’s first project in the Cape Coral-Fort Meyers area.
Built in 2000 using 4% low-income housing tax credits, The Crossings at Cape Coral consists of 168 income restricted affordable housing units. The eight garden-style, walk-up residential buildings offer one, two, three and four-bedroom apartment homes for residents at both 50% and 60% of the area median income.
Dominium will be conducting a $5.1M renovation of the property during its resyndication in early 2023. Improvements will include upgrades to the community clubhouse, outdoor amenities and fitness center, updated landscaping and building exteriors and enhancements to individual apartment homes.
“We are pleased to be acquiring our first affordable housing development in the Fort Meyers area and expanding our portfolio in Florida,” said Terry Sween, Vice President and Project Partner at Dominium. “The resyndication will allow the property to provide affordable housing for working Cape Coral families for years to come.”
Financing for the project was provided by KeyBank and Polaris Capital. Development partners include KeyBank, Polaris Capital, Winthrop & Weinstine, Commercial Partners Title and many others. Dominium would like to thank all its partners for their continued commitment to affordable housing and ongoing partnership with Dominium.
Dominium is a leading national owner, developer, and manager of affordable apartment communities founded in 1972 with offices in Atlanta, Dallas, Phoenix, and Minneapolis. Owning and managing over 35,000 homes at over 200 sites in about half of all U.S. states, Dominium is known for creative solutions to unique and challenging development projects, and management expertise. Dominium was named a Best Managed Company by Deloitte in 2020. As of 2020, Dominium was ranked second largest owner of affordable housing by Affordable Housing Finance; and 31st in 2020 in NMHC 50 Largest Apartment Owners ranking. For more information, visit www.dominiumapartments.com.