Dominium to Upgrade Recently Acquired Affordable Housing Community
- Sep 04, 2014
Plymouth, Minn.—Minneapolis-based affordable housing development and management company Dominium has announced that it has acquired a 172-unit community in Saint Paul, Minn. The community, Maryland Park Apartments, which was originally built in 1971, will undergo immediate renovations to interiors and common areas.
“We are excited to offer Maryland Park residents updated amenities while expanding Dominium’s presence in Minnesota’s affordable housing market,” says Chris Osumndson, development associate for Dominium.
Dominium plans to improve the units with upgraded countertops, fixtures and toilets, while refining other infrastructure components such as thermostats and lighting. Additionally, a new community center and fitness center will be constructed. Dominion will install security cameras and intends to provide free Wi-Fi for community residents.
In addition to the company’s acquisition of Maryland Park Apartments, the addition of the community center and fitness center are a result of Low Income Housing Tax Credit financing and a renewal of the property’s Section 8 contract.
“Dominium has developed an expertise in the use of LIHTC to make properties like Maryland Park financially viable,” says Jean Ferguson, vice president at Dominium. “We are thrilled that we were able to bring that expertise to bear with this property and look forward to a positive long-term relationship with residents.”