Dominium announced it has acquired The Crossings at Cape Coral, an affordable housing development in Cape Coral, FL. This is Dominium’s first project in the Cape Coral-Fort Meyers area.
Dominium will be conducting a $5.1 million renovation of the property during its re-syndication 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 re-syndication will allow the property to provide affordable housing for working Cape Coral families for years to come.”
The company also announced it has acquired The Portofino in Pasadena, TX, an affordable housing development for seniors aged 55 and up.
Built in 2005 using four percent LIHTCs, The Portofino consists of 248 age and income restricted affordable housing units. Dominium will be conducting a $10 million renovation of the property during its re-syndication. Improvements will include an updated community clubhouse, new community amenities and enhancements to individual apartment homes.
“The Portofino expands Dominium’s portfolio in the Houston area and in the State of Texas,” said Jeff Spicer, vice president and project partner at Dominium. “The re-syndication will allow the property to continue to be affordable for Houston-area seniors in the years to come.”
