Dominium to Build $80M Affordable Housing Community Near Dallas
Matlock Flats will be the developer's fifth project in Texas.
Dominium plans to develop Matlock Flats, a 192-unit affordable multifamily community in Arlington, Texas, in the Dallas-Fort Worth area. WD Construction, a joint venture between Weis Builders and Dominium’s construction branch, will serve as general contractor.
Matlock Flats marks Dominium’s fifth construction project in the state of Texas. The developer acquired the 9.9-acre site in May, from a private owner advised by Wayne Burgdorf of SVN Trinity Advisors.
Upon completion, the community will comprise 108 two-bedroom and 84 three-bedroom floorplans. Apartments are slated to feature walk-in closets, stainless-steel appliances, walk-in closets and private balconies. Common-area amenities will encompass a swimming pool, fitness center, clubroom, dog park and playground.
Located at 6900 Matlock Road, the development site is roughly 20 miles from Fort Worth and 28 miles from Dallas, via Interstate 20. Dallas-Fort Worth International Airport is some 21 miles north.
Dominium currently owns and manages more than 38,000 affordable apartments across the U.S. The developer has recently closed on LIHTC financing for a community in Seattle.
Dominium financed the $80 million Matlock Flats with funds from various sources. The developer obtained $39.1 million in bonds from Wilmington Trust, originated by Arlington Housing Finance Corp., as well as a $3.4 million bridge loan from Bridgewater Bank, according to Yardi Matrix data.
The development will also receive subsidies through the Section 42 Low-Income Housing Tax Credit program. Other partners in the project include JLL, Colliers Securities and The Huntington National Bank, along with Comerica Bank and Huntington Community Development Corp.