Dominium Reopens Affordable Community in the Metroplex

Dominium has reopened Rosemont at Mayfield Villas, a 280-unit fully affordable property in Arlington, Texas, after implementing a $9.3 million renovation program.

The company acquired the property in late 2021 from Goodman Real Estate. Dominium completed the asset’s resyndication in 2022, when the community became subject to a $38 million CMBS loan from U.S. Bank, Yardi Matrix data shows. Merchants Capital originated the financing, with interest rates fixed at 4.57 percent, according to the same source.

The property encompasses 16 buildings with two- and three-bedroom floorplans ranging from 950 to 1,100 square feet. It is subject to Section 42 LIHTC provisions restricting rent through 2035. The renovations included the extensive remodeling of amenities and common areas, as well as HVAC upgrades and other interior improvements.

Resident facilities include on-site laundry facilities, a fitness center, a clubhouse, a swimming pool and a playground. Apartments feature 9-foot ceilings, walk-in closets, ceiling fans and private balconies or patios.

Located at 2002 Mayfield Villa Drive, the community is between Fort Worth and Dallas, roughly 20 miles from either metro. It is also some 14 miles south of the Dallas Fort Worth International Airport and less than 2 miles form the Arkansas Court Shopping Center.

Robust affordable housing portfolio

Dominium currently owns and manages more than 38,000 affordable units across some 230 properties in about half of the nation’s states. Recently, the company has secured more than $175 million in financing for the construction of two rent-restricted communities near Phoenix.

Currently, there are some 270 properties under construction across the Metroplex totaling nearly 73,000 units, Yardi Matrix data shows. Of these, roughly 5,400 residences are being built within fully affordable communities.