Dominium Expands GA Portfolio
- Apr 11, 2017
Dominium has acquired the former Laurel Ridge Apartments, a 276-unit affordable housing community in East Point, Ga.
After the sale, Dominium renamed the property Leyland Pointe Apartments.
“The appeal of Leyland Pointe Apartments was twofold,” Shaun Reinhardt, Dominium’s development associate working on the Laurel Ridge Apartments, told MHN. “First, the seller came to Dominium because of our extensive experience in affordable housing. There was a struggle keeping up with the compliance, rules and regulations that come with a tax credit property and therefore, resources were being spent on 3rd parties to enforce these instead of being spent on the property. We thought this was a perfect opportunity to bring in our expertise and provide the residents of this community with strong management and needed property repairs and upgrades.”
Second, Dominium has a strong presence in the Atlanta market area and has been looking to increase it so the addition of 276 units to the portfolio was an attractive opportunity for the company.
Originally constructed in 2005, the property consists of one-, two- and three-bedroom units.
Amenities at the property include a swimming pool, grill and picnic stations, and a playground, as well as a fitness center, computer/business center, children’s activities play center and a laundry room.
The property is located within four miles of Hartsfield Jackson International Airport, has easy access to the highway and is less than a mile from a retail haven, which includes a Lowe’s, Target, Publix, Carmike Cinemas, restaurants and more.
“It’s a gated community nestled at the end of Laurel Ridge Drive, which increases the ‘’private community’ feel,” Reinhardt said. “This transaction fits in with the company philosophy because we are taking a property that has several needed repairs that were not going to be done, and putting money in to address the deferred maintenance, which will give the residents that live there a home that they can be proud to call home.”
Dominium has plans to complete renovation in the scope of $1.5 million, which includes a fully remodeled clubhouse, upgrades to common area amenities, updated landscaping and addresses deferred maintenance items. Unit improvements will include replacing carpet and vinyl flooring, as well as countertops and appliances when needed.
The exterior will also undergo significant improvements including updating and refinishing the playground and barbecue grilling stations. The fenced-in pool will be re-plastered and the water line tile will be replaced. In addition, the building exteriors will be repainted and parking lot repaired and seal coated.