Dominium announced it has acquired Falls Pointe, a 312-unit affordable housing community in Durham, North Carolina. This is the company’s second acquisition in the Raleigh-Durham metro area.
The multifamily housing community will undergo a planned $11 million renovation, including upgrades to the clubhouse, fitness center, outdoor amenities, landscaping, building exteriors and unit interiors. The community includes fifteen garden-style buildings with one-, two- and three-bedroom apartment homes.
Falls Pointe was originally built in 2001, with support from the Section 42 Low-Income Housing Tax Credit (LIHTC) program and tax-exempt bonds. Its initial tax credit compliance period ended in 2017 with affordability restrictions remaining in place through 2032. Dominium plans to extend the property’s affordability by resyndicating Falls Pointe under the LIHTC program.
