Minneapolis-based multifamily developer and manager Dominium recently announced the acquisition of market-rate Chelsea Park Apartments, a 120-unit community in Orlando, Fla.
Located at 7325 Goldenpointe Blvd., the development features one-, two- and three-bedroom units averaging 963 square feet, according to Yardi Matrix. Property amenities include a fitness and business center, clubhouse, tennis and basketball courts, spa and laundry facilities. The property was 94.2 percent occupied as of February 2017.
The two-story building’s name was recently changed to Bellancia Apartments. The company plans a complete renovation of the property, which is currently in progress and is slated for completion in June 2017. Units upgrades will include new countertops, flooring, plumbing fixtures and light fixtures. An expanded fitness center with new equipment, landscaping improvements and new pool furniture will also be offered after the renovation. The outdoor renovations will include a dog park and new grilling area.
“Bellancia Apartments is in a great neighborhood with a growing population in need of multifamily housing,” Dominium Development Associate Ryan Williams said in a statement. “It is next to another property Dominium owns and we believe that through our planned renovations, it will provide an opportunity for residents to move into market-rate units once they have achieved a higher income and no longer need affordable housing.”
Image courtesy of Yardi Matrix