Dominium Grabs Texas Affordable Housing Property
The buyer plans to invest in interior and amenity upgrades at the 140-unit property in Bryan.
Dominium has acquired Forest Park Apartments, a 140-unit mixed-income property in Bryan, Texas, from Envolve. The transaction marks the housing developer’s first investment in the Bryan-College Station metro area. The buyer secured $6.2 million in acquisition financing from Polaris Capital, public records show.
The new owner will rebrand the property as Sandy Creek Apartments. The garden-style community previously changed hands in 2018, Yardi Matrix data shows.
The community, opened in 2005, was developed with financing through 9 percent Low Income Housing Tax Credits. Dominium plans to rehabilitate the community next year through apartment interior upgrades and updates to amenities.
The property, located at 1828 Sandy Point Road, has two- and three-bedroom apartments, with floorplans reaching 1,109 square feet. The nine-building community includes 119 affordable housing units in addition to its 21 market-rate apartments. Amenities include a swimming pool, picnic area, clubhouse, fitness center, business center, basketball court and playground.
Downtown Bryan, 1.5 miles away, is home to a variety of shopping and dining options. The community is within 5 miles of the local branch of the St. Joseph Health Regional Hospital and less than 6 miles from The Texas A&M University System’s RELLIS Campus.
In May, Dominium started construction on a 308-unit affordable housing community in Phoenix. The housing developer’s first project in the metro is slated to come online in early 2022.