After recently opening two affordable properties in Denver, Dominium has acquired the 200-unit Vinewood in Dallas from Churchill Residential, Yardi Matrix data shows. The new owner will also take over management responsibilities for the asset. The sale marks the first time the community traded since it was completed in 2006.
Canadian Imperial Bank of Commerce provided a $20.7 million three-year acquisition loan. Additionally, the buyer assumed the outstanding balance of $10.8 million in revenue bonds issued by the Texas Department of Housing and Community Affairs in 2004.
Located at 1411 Cockrell Hill Road, the asset is close to several dining and retail options and roughly 7 miles west of downtown Dallas. The fully affordable community comprises one-, two- and three-bedroom apartments, with floorplans ranging from 680 to 1,181 square feet in 10 three-story buildings spread across a 14.2-acre site. Common-area amenities include a fitness center, pool, picnic and grilling area, as well as a clubhouse, outdoor playing area and business center.