Dominium has bought The Crossings at Cape Coral, an affordable 168-unit community in Cape Coral, Fla., for $22.8 million. The company plans to invest $5.1 million into the property’s renovation during its resyndication in early 2023. KeyBank provided a $22.8 bridge loan with variable interest for the acquisition. Polaris Capital provided additional funding.
Built in 2000 using 4 percent low-income housing tax credits, the property comprises a mix of one- to four-bedroom floorplans, ranging from 834 to 1,479 square feet, according to Yardi Matrix data.
The apartments are set aside for individuals earning 50 and 60 percent of the area median income. Community amenities include a fitness center, business center, clubhouse, pool and playground. A total of 300 parking spaces are also available. The new owner’s renovation plans include upgrades to the clubhouse, amenities and fitness center, as well as updated landscaping, exteriors and unit interiors.
The development, which is Dominium’s first affordable housing property in the Fort Myers area, last traded in February 2018 for $13.4 million. Besides KeyBank and Polaris Capital, Dominium’s partners in the project also include Winthrop & Weinstine and Commercial Partners Title.
Active in the Southern market, Dominium also bought the 280-unit Rosemont at Mayfield Villas in Arlington, Texas, this month. The company plans to renovate the affordable housing community, investing $8.5 million into the refurbishment.