Dominium Gets Suburban Atlanta Affordable Housing Refi

Colliers International provided nearly $13 million in financing for the 220-unit multifamily property in Covington.
Wellington Ridge Apartments. Image via Google Street View

Dominium has received a $12.6 million HUD 223(a)(7) loan to refinance Wellington Ridge Apartments, a 220-unit affordable housing community in Covington, Ga. Colliers International arranged the 29-year loan.

Situated on more than 38 acres at 9145 Wellington Drive, the community consists of eight townhouse-style buildings completed in 2003. The property has one-, two- and three-bedroom floorplans ranging from 651 to 1,424 square feet, and all units are restricted to households earning a minimum of 2.5 times the monthly rent amount. Amenities include a swimming pool, clubhouse, community room and fitness center. Dominium renovated the community in 2018, permits filed with the county show.

Wellington Ridge is some 35 miles east of downtown Atlanta and 2 miles east of downtown Covington, just north of U.S. Route 278. There are various shopping and dining options nearby, with Martins Crossing Shopping Center less than 1 mile south.

Earlier in December, Dominium broke ground on three affordable senior housing communities in the area. One of the developments, the 238-unit Stonepointe, is located 20 miles northwest of Wellington Ridge.