Dominium Acquires Florida City Affordable Housing
- May 22, 2014
Florida City, Fla.—Dominium, an apartment development and management specialist, has acquired Redland Arms Apartments, a 66-unit affordable housing development in Florida City, Fla., for an unspecified price. The property, which is a LIHTC community, includes one-, two-, and three-bedroom units renting to income-restricted individuals and families.
According to Dominium, the property will receive both interior and exterior upgrades. Improvements will be made to its fitness room; new furniture and fixtures will be added to the community room; and landscape improvements will be made. All of the exterior surfaces will be painted.
Dominium is based in Minneapolis and current owns or manages about 21,000 multifamily units at nearly 200 sites. Its portfolio is comprised mainly of affordable LIHTC and Section 8 properties (about 20,000 units), but the company also owns market-rate and seniors housing properties.
In the past two years, Dominium has acquired 17 properties in Florida representing over 3,100 units (making Florida the company’s second-largest state of operation). “We are very, very focused on long-term real estate and operations and less focused on development fee in the short-term,” Mark Sween, vice president of business development and equity at Dominium, tells MHN.
Florida City is a town in the southernmost reaches of the Miami-Dade MSA, at the south terminus of Florida’s Turnpike and adjacent to the larger community of Homestead. The median household income in Florida City is just short of $15,000, with about 43 percent of the population living below the poverty line.