Dominium Acquires Arizona Affordable Apartments
- Aug 07, 2013
Green Valley, Ariz.—Dominium has purchased The Sahuarita Mission Apartments, a 52-unit affordable apartment community in the Tucson-area municipality of Green Valley, Ariz. The purchaser is a 41-year-old Minneapolis-based affordable housing development and management firm with 23,000 owned and/or managed units at 226 sites in 22 states.
The 13-year-old apartment community is a Section 42 property that provides affordable housing alternatives to Pima County, Ariz., residents. As part of the acquisition, Dominium will also invest $125,000 to fund deferred maintenance projects around the property, as well as bringing units to rental-ready condition.
Sahuarita Mission Apartments features two- and three-bedroom apartments with large, fully equipped kitchens, expansive patios and balconies, extra storage space, generous walk-in closets, ceiling fans and large living and dining rooms.
The community also provides a number of common-area amenities, including a playground, barbecue, scenic picnic area, clubhouse and ample off-street parking. Residents can take advantage of 24-hour maintenance services and a 24-hour laundry facility. The property is situated near public transportation, employment centers, shopping centers and recreational areas.
Essential to the completion of the transaction was Dominium’s ability to work with selling partners, holders of the HOME loans and sellers of the bonds. The acquisition helped ensure the property would not enter foreclosure.
Dominium will manage the property and continue to provide affordable housing options in southern Arizona, says Mark Moorhouse, senior vice president and partner in Dominium. “Sahuarita Mission is a great property in a burgeoning market,” he says. “Through capital improvements and Dominium’s proven management approach, we expect this to be a strong addition to our portfolio.”