Dominium Expands Tennessee Presence
- Jul 06, 2016
Minneapolis—Minnesota-based multifamily developer and manager Dominium has acquired the 89-unit Villages of Gallatin community in Gallatin, Tenn., which it plans to combine with Autumn Ridge Apartments to create a 185-unit community operated under the Villages of Gallatin name. The company acquired Autumn Ridge Apartments in November 2015.
“The Tennessee market is important to us,” said Dominium Development Associate Cody Dietrich. “This acquisition will help us continue our strong growth in the Nashville market and submarkets.”
In addition to these acquisitions, Dominium acquired three other Nashville-area properties in 2015.
Villages of Gallatin offers two- and three-bedroom apartments and townhomes, as well as three- and four-bedroom townhomes and single-family homes. Residences are also reserved for those with gross annual incomes ranging from about $28,800 for one occupant and up to $54,300 for eight occupants, according to the Villages of Gallatin website.
Amenities include a sand volleyball court, multiple playgrounds, community room, two community clubhouses, outdoor swimming pool and 24-hour emergency maintenance.
Dominium will be upgrading Villages at Gallatin’s interiors and exteriors. Unit renovations will include new cabinet fronts and drawers, new interior lighting, bathroom accessories and other upgrades as needed. On the exterior, the company will install new roofs on the single-family home units and lighting enhancements to the club house.
Dominium completed the acquisition in April and plans to complete the renovations this December.
The firm’s portfolio includes more than 24,000 owned and/or managed units across 22 states.