Dominium Completes Affordable Renovation in Kissimmee
- May 06, 2014
Kissimmee, Fla.—Dominium, a Minnesota-based affordable housing development and management specialist, has completed the renovation of St. Cloud Village Apartments, an affordable housing community in Kissimmee, Fla., in metro Orlando. The company initially acquired the 208-unit property in 2013.
The renovation included a number of improvements to the property, such as new HVAC equipment, cabinets, countertops and flooring, in addition to external renovations that include a new playground, gazebo and grilling area. St. Cloud Village Apartments also received entry-drive refurbishments and new lighting. All together, the company spent about $3.3 million for the upgrades.
Florida, like most states, suffers from a shortage of affordable housing. According to the Florida Housing Coalition, more than 900,000 households in the state—including the working poor, elderly, and disabled—pay more than 50 percent of their incomes for housing. To complicate matters, Florida has the nation’s third-highest homeless population.
Also, rents are up. According to investment specialist Marcus & Millichap, effective rents in metro Orlando have increased about 4 percent every year since 2011. That’s expected to moderate slightly this year, as a sizable number of new apartment units are added to the market’s overall stock.
Currently Dominium owns or manages over 23,000 units at 226 sites in 22 states. The company specializes in developments under a number of programs, including public housing, state agency funded properties, Section 8, FMHA 515, and Section 42-Low Income Housing Tax Credit properties. Dominium placed fifth in Affordable Housing Finance’s Top 10 Affordable Housing Owners of 2013.