Dominium has closed on the land for its first multifamily new construction alongside its fifth senior housing new construction in Georgia.
The company acquired the land at 150 S. Zack Hinton Parkway for an undisclosed price and will use the site to build a 288-unit affordable housing community and a 182-unit affordable senior housing community.
Nick Andersen, vice president & project partner at Dominium, said in prepared remarks that the two communities will provide much-needed affordable housing to the rapidly-growing Atlanta-area market.
To support the $130 million project, Dominium secured Freddie Mac TELs and equity investments in the four percent low-income housing state and federal tax credits from the U.S. Bank for both of the communities. U.S. Bank also originated and serviced tax-exempt and taxable construction loans for The Promenade, while America First Multifamily Investors worked on Willow Place.
The project team includes Weis Builders, Dominium Construction & Architectural Services, Martin Riley & Associates, Kimley Horn, Winthrop & Weinstine, Falcon Design Consultants, Nova Engineering and First American Title. Dominium also worked with the City of McDonough and the Georgia Department of Community Affairs for the project.
FIFTH SENIOR HOUSING PROJECT IN GEORGIA
Willow Place will join the four other senior housing projects in Georgia that Dominium recently broke ground on.
In April, the company started construction on a 202-unit affordable housing project for adults aged 55 or older in Newnan, Ga. Months prior, Dominium also broke ground on three affordable senior housing properties totaling 718 units in Lithonia, Lawrenceville and Dacula in December 2020. Dominium is still working on these communities that have expected completion dates in 2022.
Outside senior housing and affordable housing, the company’s portfolio in Georgia also includes luxury properties and Section 8 communities. In total, Dominium’s portfolio spans 19 states and totals 30,000 apartments, making it the fourth largest provider of affordable housing in the U.S.