R2021-288 2021-12-13DocuSign Envelope ID: 5FAB980C-43C0-497B-A506-4174CF747E78
RESOLUTION NO. R2021-288
A Resolution of the City Council of the City of Pearland, Texas, approving a
Resolution of No Objection for the Pearland Leased Housing Associates I,
Limited Partnership ("Applicant"), application to the Texas Department of
Housing and Community Affairs for Housing Tax Credits to assist with the
rehabilitation of the Lakeside Pointe apartment complex, located at 2920
Oak Road ("Property"), in Pearland, Texas.
WHEREAS, Applicant has applied to the Texas Department of Housing and
Community Affairs for Non -Competitive 2022 4% Housing Tax Credits to fund the
rehabilitation improvements to the Property; and
WHEREAS, In order to be eligible for the Housing Tax Credits, Applicant must
obtain a Resolution of No Objection from the municipality in which the Property is
located.
WHEREAS, Notice has been provided to the Pearland City Council in
accordance with Tex. Gov't Code, §2306.67071(a); and
WHEREAS, The Pearland City Council has had sufficient opportunity to obtain a
response from the Applicant regarding any questions or concerns regarding the
proposed Application; and
WHEREAS, The Pearland City Council has held a public meeting at which public
comment may be made on the proposed Development in accordance with Tex. Gov't
Code, §2306.67071(b).
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That the City Council hereby confirms that it has No Objection to
Applicant's application to the Texas Department of Housing and Community Affairs for
Housing Tax Credits to assist with rehabilitation of the Property.
PASSED, APPROVED and ADOPTED this the 13th day of December, A.D., 2021.
DocuSigned by:
�B4881A615Q3F4F2
J. KEVIN COLE
MAYOR
DocuSign Envelope ID: 5FAB980C-43C0-497B-A506-4174CF747E78
RESOLUTION NO. R2021-288
,ATTEGTo by;
S.126771DA32BB161
CRYSTAL N. ROAN, TRMC, CMC
CITY SECRETARY
D AS TO OR
FlARPARR1F4Rfi
DARRIN M. COKER
CITY ATTORNEY
OCTOBER 2021
&IFDOMINIU
Lakeside Pointe Apartments
2920 Oak Road, Pearland, TX 77581
Proposed Rehabilitation Project
Dominium
Who We Are
■ Founded in 1972
■ Own & Manage over 35,000 apartment homes
across the United States
■ Long-term owners & managers
- Projects we do are owned and managed by Dominium
for 15-20+ years
EOM
•DOMINIUM
Dominium
Who We Are
■ Own and operate more than 7,400 homes in
Texas alone
— Approximately 2,000 of these homes reside in the
Houston area
— Provide homes to families, service industry workers, and
blue-collar workers
■ The head of our Property Management group
has 20+ years in Texas
■ Our Development team is based in Texas
EOM
•DOMINIUM
Dominium
Who We Are
PORTFOLIO SITES UNITS
Owned 222 35,053
Fee - Interim 4 100
TOTAL 226 35,153
EMPLOYMENT
Site:
Corporate:
Property Mgmt
Corporate Services
Development
821
96
110
75
TOTAL
1,102
*Data as of 9/2020
KEY:
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PROPERTIES OWNED FOR:
0-4 YEARS: 73
5-9 YEARS: 44
10-14 YEARS: 53
15+ YEARS: 56
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Current Footprint by State
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Dominium in Texas
Lakeside Pointe
Owned by Dominium since April of 2021
Dominium in Texas
VERMILLION APARTMENTS -
HOUSTON, TX
WOODWAY VILLAGE - AUSTIN, TX
Lakeside Pointe - Aerial
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Lakeside Pointe -Existing Conditions
Lakeside Pointe - Existing Conditions
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Lakeside Pointe -Rehab Scope
Total Estimated Rehabilitation of $8, 500, 000 - $9, 000, 000
Proposed Site Amenities
■ Landscaping
■ New playgrounds, pavilion, and grilling stations
■ Turf sports field
■ Update clubhouse
■ New clubroom layout
■ Updated business center
■ New furniture and overall design
■ All new fitness center
Proposed Unit Amenities
■ Updated appliance package
■ Vinyl plank flooring
■ Updated cabinets and countertops
■ In -unit washer and dryer
■ LED Lighting
■ All new bathrooms
13
JIM
DOMINIUM
Contact Us
Ryan Lunderby
Vice President & Project Partner
(214) 960-1 156
Rlunderby@dominiuminc.com
Logan Kieweg
Development Associate
(214)-960-1253
Logan.Kieweg@dominiuminc.com
Jack Jensen
Development Analyst
(214)-960-1316
Jack.Jensen@dominiuminc.com
Providing Quality 1
Affordable Housing
Since 1972
40
DOMINIUM
it
VINEWOOD - DALLAS, TX
11111111LTIMBERLS EDGE - BEAUMONT, TX
►IDOMINIUM
What we do hits HOME.
BECKLEY TOWNHOMES - DALLAS, TX
What we do hits HOME.
4DOMINIUM 13
SILVER GLEN - HOUSTON, TX
TIMELINE
1972
Founded as a Section 8 developer
1990
Focused on utilizing the Low Income
Housing Tax Credit program to acquire
and develop affordable housing
1996
Began actively fixing troubled LIHTC
properties which created our workout
business unit
2011
Reached 20,000 apartment homes,
of which approximately 12,000 are
stabilized workout properties
2012
40th Anniversary Celebration
Named the 5th largest affordable
apartment owner/manager in the
country by AHF
2015
Announced the DOMINIUM 2025 initiative
Named the 2nd largest affordable
apartment owner/manager in the
country by AHF
2017
Reached $3 billion in acquired assets
2018
Launched DOMINIUM GIVES
Reached 30,000 apartment
homes and 1,000 employees
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WHAT WE DO HITS HOME.
It's Dominium's promise, and we work hard every
day to keep it. To us, this means providing long-term
value for our residents and employees, for the
communities they live and work in, and for all our
valued stakeholders.
Dominium brings excellence to the development
and management of affordable housing communities
across the United States. It is clear to us that our
responsibility extends beyond completing deals and
serving our residents; we have the responsibility to
positively contribute to the communities where we
operate. We strive to ensure all of Dominium's
stakeholders are well -served:
• Residents gain places they are proud to call home;
• Financial and community stakeholders gain a solid
partner dedicated to growth and community
vitality along with economic development; and
• Dominium employees experience both an engaging
place to work and the motivations to contribute
to growth.
Access to quality, affordable housing is becoming
increasingly important in every community across the
country. It is critical infrastructure that allows families
to succeed, businesses to grow and communities
to flourish. Our residents and communities are at
the heart of everything we do, and by developing
quality homes that are as warm and welcoming as
they are innovative, we create living spaces with
longterm value that hits HOME.
Who we are
4IPDOMINIUM 14
OUR RESIDENTS
Our residents represent an incredibly diverse set
of individuals and families. They are seniors, both
retired and working. They are working parents.
They are young professionals. They live in cities,
the suburbs and rural communities. They represent
a wide variety of racial and ethnic backgrounds.
There is no one group that benefits from affordable
housing — it benefits many different kinds of people
at all different stages of life. When more people have
access to high -quality affordable housing, our
communities, workplaces and schools are stronger.
DOMINIUM IS A FOR -PROFIT DEVELOPER
OF AFFORDABLE HOUSING
We build value for our partners, investors and our
communities by engaging in the development of
affordable housing with the goal of returns over
the long-term. This guides our approach to both
development and management.
Unlike our non-profit counterparts, Dominium
makes money on the properties we develop, own
and manage. Because of our unique position as a
mission -driven for -profit, Dominium can make a
large difference in addressing the growing need for
affordable housing. Dominium has the capacity and
the strategic strength to evolve with market forces,
helping by leading in the development of innovative
projects that will meet the needs of growing
communities across the U.S.
PARK MANOR - SHERMAN, TX
COMPANY OVERVIEW
Founded in 1972 by David Brierton
and Jack Safar, Dominium is now the
second largest affordable apartment
development and management
company in the nation. Created as
a family of companies (Dominium
Development & Acquisition, LLC /
Dominium Management Services,
LLC), Dominium utilizes a variety of
real estate disciplines throughout
the development and acquisition
process. Dominium has grown
substantially over the past several
years by becoming a leader in the
real estate industry. Since 1991,
Dominium has grown from a
company with 3,000 apartment units
to a company that now owns over
30,000 apartment units. This growth
is credited to the company's ability
to adapt to an ever -changing real
estate market.
Who we are in TEXAS
4DOMINIUM I 5
DOMINIUM IN TEXAS
For over 40 years, Dominium has been committed
to superior resident experiences by providing
best -in -class rental opportunities through sound
management
of apartments
and townhomes.
Dominium owns,
develops and
manages rental
communities in 21
states, including Texas.
We are proud to say we own
and manage over 40 wonderful
properties in the great state of
Texas, which all of them have
TDHCA affordable programs,
including Housing Tax Credits,
Tax -Exempt
Bonds, and HOME,
representing over 7,400
units and employing
approximately 200 people.
STATS AT -A -GLANCE
• Owns & manages 40+ properties
in Texas
• ALL Texas properties have TDHCA
Affordable Housing Programs
• Dominium entered Texas in
October 2008
• Since 2008 has grown its Texas
portfolio to over 7,400 homes
• Approximately 200 professional
staff in Texas
• Four offices in Texas
• Owns & manages more than
35,000 rental homes in 21 states
• 2nd largest owner of
affordable housing
• 45+ years in business
• Multi -generational company
• Portfolio of over $1.6 billion
in owned properties
• Experienced and highly trained
and staff
Awards
4DOMINIUM I 7
/A
3� NA B
U.S. BEST MANAGED COMPANY
BY DELOITTE
Recognizes excellence and honors private companies
for their strategy, execution, culture and financials.
This group joins hundreds of private companies
around the world that have earned this designation
in a rigorous and independent process that evaluates
four key criteria in their management skills and
practices - strategy, execution, culture and financials.
SELECTED AS A 2020 U.S. BEST MANAGED
COMPANY HONOREE: DOMINIUM
NATIONAL AFFORDABLE HOUSING
MANAGEMENT ASSOCIATION (NAHMA)
VANGUARD AWARDS
Celebrates success in the multifamily affordable
housing industry by recognizing and benchmarking
newly developed or significantly rehabbed affordable
multifamily housing communities that showcase high
quality design and resourceful financing. The award:
• Pays tribute to developers of high -quality
affordable housing;
• Demonstrates that exceptional new affordable
housing is available across the country, and that
it is a positive addition to any neighborhood;
• Demonstrates that the affordable multifamily
industry must be creative and innovative to create
exceptional properties given the financing and
other challenges to development;
• Highlights results of private -public partnerships
required to develop today's affordable housing;
• Shares ideas for unique design and financing
mechanisms with industry practitioners to further
stimulate creative development in the affordable
multifamily industry.
2019 VANGUARD AWARD WINNERS
New Construction: Union Flats
Major Rehab of Historic Structure: Millworks Lofts
HOUSING COLORADO
THE EAGLE AWARD
Established in 1990, the Eagle Award represents
one of the highest achievements for the Colorado
housing community. This prestigious award
celebrates the extraordinary accomplishments and
outstanding leadership in housing and support
services. The award honors individuals, agencies,
projects, and programs that soar to new heights in
their work to ensure safe, fair, affordable housing
for all Coloradans. Winners are chosen by an
industry -diverse selection committee.
2019 PEOPLE'S CHOICE AWARD WINNER:
North Range Crossings
NATIONAL ASSOCIATION OF HOME
BUILDERS (NAHB) PILLARS OF THE
INDUSTRY
NAHB's Multifamily Pillars of the Industry Awards
highlight creative development concepts, innovative
financing strategies, great design, and superior
management and marketing in the apartment and
condo marketplace.
The Pillars awards are held in high esteem by
top-level multifamily development companies,
management firms and experts in the field.
The annual competition is judged by a jury of
knowledgeable peers, each having a proven
record of success in various facets of the
multifamily industry.
2017 MULTIFAMILY DEVELOPMENT FIRM
OF THE YEAR: DOMINIUM
Endorsements
1111DOMINIUM I 8
We want to make sure that every community has access to
clean energy. We want to make sure every community has
access to low -carbon, high -quality, affordable housing and
affordable housing developers with their eye on the prize
of sustainability. They are offering a huge opportunity for
families and lower income communities to participate in
this green energy revolution, this sustainability revolution.
This is where America is going, this is where the market is
going, and I give credit to affordable housing developers
like Dominium for helping lead the way and helping set a
vision that others can follow too.
MICHAEL NOBLE
Executive Director I Fresh Energy
The sheer fact that many of Dominium's partners have
been doing business with them for over 20 year speaks
volumes of its values. Dominium provides a very quality,
affordable housing product and I think, secondly, that
they have a staff filled with people that care passionately
about doing the right thing in the communities in
which they serve.
KYLE HANSEN
Executive Vice President of Community Lending I U.S. Bank
Since Dominium came into the market, they've done
a great job of really turning around the affordable
market here in Florida.
DAVID LEON
Partner I Broad and Cassel
Dominium has been an incredible partner for us over the
years. They're a partner in affordable housing across the
country. Right now, we have a huge housing crisis in this
country and certainly in the Twin Cities. Without a focused
effort, without all partners coming to the table to try to
solve this problem, we're never going to get ahead of
the curve. But we know if we put a family in a stable, safe,
affordable house, their lives will be changed forever.
CHRIS COLEMAN
President I Habitat For Humanity Twin Cities
To be able to work with the caliber of the people
and the culture at Dominium has allowed us to learn
a tremendous amount. The broader community knows
Dominium is working with Catholic Charities. They
look at the project much differently. It has much more
credibility. They say we should affirm that, we should
invest in that and all of that has happened.
TIM MARX
President/CEO I Catholic Charities
So unfortunately, there's often a critical gap between
what government funding or foundation funding
provides and what the people we support actually
need. The reason that Dominium's support is so
needed is because it really does fill this gap and
allows many, many families to be safe and happy
and to move on with their lives.
EMILY ESSERT
Director of Corporate & Foundation Relations I The Arc MN
Aeon cannot do it's work without the community
engaging. Folks like Dominium, bringing their expertise
and their support, financial and otherwise, to the table
is absolutely critical in our ability to get our work done.
ALAN ARTHUR
President & CEO I Aeon
Dominium's impact has been profound on our
organization. They are recognized not only as leaders
in the affordable housing arena, but as civic leaders
and people trust them.
LOUIS KING
President & CEO I Summit Academy OIC
Endorsements (continued)
DOMINIUM 19
I have to hand it to Dominium. They did an extraordinary
job at bringing these different players and building the
coalition necessary to create a really beautiful project.
Everyone from the city to the financiers to the construction
workers, this was a collaborative effort that is now
complete with a wonderful community asset.
JACOB FREY
Mayor I Minneapolis
Right on the middle of what I would call St. Louis' living
room, you had this hulking crumbling former gem of
a building that was not only sad to walk by but was a
momentum killer. There is no question that this was a
gargantuan task. For someone like Dominium to be able
to step into that and to pull the pieces together, pull so
may parties together...to make it not only to get it done
at some bare minimum level, but really to make it a
shining example of what's possible when that kind of
collaboration happens is really remarkable. To live in a
vibrant place where innovation is embraced, downtown
St. Louis ought to be...and I think the Arcade helps it
become, a place where people of different ethnic, race
and socio-economic backgrounds flourish.
ZACK BOYERS
Chairman and CEO I US Bank Community Development
Corporation
Tenacity and courage would be an understatement.
The brilliance of their work has shown through and they
created a new paradigm for St Louis. They created a real
sense of community. That's what downtown needs
STEVEN STOGEL
President I DFC Group
Lakecrest Village, located in northeast Houston inside of Beltway 8, was originally
constructed in 1999. The property consists of large 2 and 3 bedroom flats and 4
bedroom townhome units and primarily serves families with children. At the time
of acquisition, the property had significant deferred maintenance issues including
failing exteriors, subpar amenities and interior units in need of upgrades.
Dominium's acquisition of Lakecrest Village provides for a full rehabilitation of
over $10 million - over $40,000 per unit - while preserving the community as
affordable for another 30 years.
The rehab will include substantial upgrades to all units, including all new kitchen
and bath cabinets, granite countertops in the kitchens and baths, new Energy
Star appliances including washers and dryers, new LED lighting, all new plumbing
fixtures, and more. The existing clubhouse will be demolished and replaced with a
stunning 5,400 square foot building, with a new fitness center, clubroom, theater,
management space, and a 900 square foot dedicated supportive service space
with warming kitchen, library, computer station and flexible seating. Site amenities
will be upgraded with an all new pool, two new shaded playgrounds, barbeque
pavilion and pergola, and horseshoe pit. Exterior upgrades include all new roofs,
gutters, and all new trim, soffit and fascia, as well as a full repaint of all buildings.
Lakecrest Village, upon completion, will be a shining example of a community
given new life by Dominium - to better serve its purpose as a stable, safe, quality
affordable housing option for the residents of Northeast Houston. The project
needed the full support of the surrounding community to be realized - and would
not have occurred but for the support from City Councilmember Jerry Davis,
Super Neighborhood 49-50, and the Houston Independent School District,
including Board of Trustees President Wanda Adams.
This redevelopment was made possible by tax-exempt bonds from Houston
Housing Finance Corporation (via the City of Houston), 4% Low -Income Housing
Tax Credits from the Texas Department of Housing & Community Affairs (TDHCA),
construction and permanent debt financing from Citibank, and an equity
investment from Stratford Capital Group.
LAKECREST VILLAGE
APARTMENTS
NAME:
Lakecrest Village
Houston, TX
TYPE OF PROJECT:
Acquisition/Rehabilitation
224 Apartments
100% of Units Affordable
ARCHITECT:
e + a architecture
CONSTRUCTION MANAGEMENT:
Construction Zone of Texas
DOMINIUM'S RESPONSIBILITY:
Real Estate Development
Project Financing
Design & Construction Management
Property Management
Section 42 Compliance
FINANCIAL PARTNERS:
Houston Housing Finance Corporation
(H H FC)
City of Houston
Texas Department of Housing &
Community Affairs (TDHCA)
Citibank
Stratford Capital Group
TOTAL DEVELOPMENT COST:
$28,000,000
SIZE: 18.5 Acres (Site)
CLOSING DATE: July 2017
DOMINIUM
Quail Chase Apartments, located in north Houston, was originally
constructed in 2000. The property consists of one, two, and three
bedroom multifamily apartment units, spread across 31 residential
buildings and centered around a common area amenity space. At the
time of acquisition, the property had significant deferred maintenance
issues including failing exteriors, outdated amenities, and unit
interiors in need of upgrades.
Dominium's acquisition of Quail Chase provides for a full property
rehabilitation with a budget of over $7 million — over $30,000 per
unit — while preserving the community as affordable for another 30
years.
The project rehab scope included substantial unit upgrades featuring
new granite countertops, new cabinet fronts, new energy star
appliances, new LED lighting, and all new plumbing fixtures. Common
area renovations included a full remodel of the existing clubhouse
building, featuring a brand new club room & kitchen, fitness center,
computer room, theater room, and upgraded maintenance and
leasing offices. Several amenity spaces were added and/or enhanced,
including the installation of an outdoor splash pad play area, large
new playground, field turf play field, bus stop, and an outdoor seating
pavilion complete with grilling stations. Exterior upgrades included
the installation of new roofs on all buildings, as well as gutter and
splash block replacement throughout the site.
Quail Chase was made possible by a tax exempt bond allocation
provided by the Harris County Housing Authority, an allocation of
4% Low -Income Housing Tax Credits from the Texas Department of
Housing & Community Affairs (TDHCA), financing provided by CIBC
& Minnwest Bank, and an equity investment provided by WNC.
QUAIL CHASE
APARTMENTS
NAME:
Quail Chase
Houston, TX
TYPE OF PROJECT:
248 Apartments
Workforce/Section 42
ARCHITECT:
Ebersoldt & Associates
GENERAL CONTRACTOR:
Dominium Construction &
Architectural Services
CONSTRUCTION MANAGER:
Katerra Construction
DOMINIUM'S RESPONSIBILITY:
Real Estate Development
Project Financing
Legal and Environmental Services
Design & Construction Management
Property Management
Section 42 Compliance
FINANCIAL PARTNERS:
Texas Department of Housing &
Community Affairs
Harris County Housing Authority
CI BC
Minnwest Bank
WNC
TOTAL DEVELOPMENT COST:
$35,000,000
SIZE:
5.35 Acres (Site)
286,835 Square Feet (Building)
DOMINIUM
)v*CROSSROAD
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Crossroad Commons is Dominium's third new construction project in
Texas and its first in the state capitol. Located in the growing community
of northeast Austin, the property will provide affordable housing for the
next 30+ years to 216 families making, on average, 60% or less of the
area median income.
The property will feature 7 residential buildings ranging between 24-36
units each, and contain layouts for 48 one -bedrooms, 84 two -bedrooms,
and 84 three -bedrooms. Each home will include granite countertops,
resilient flooring, and laundry equipment. The community will feature a
clubhouse containing a resident services area, fitness center with yoga
studio, cafe lounge, and children's play room. Younger residents will get
to enjoy several outdoor playgrounds. 22 of the property's 32 acres will
be preserved for the surrounding watershed, on which residents will get
to enjoy walking trails.
Dominium partnered with Austin Affordable Housing Corporation
(AAHC), a subsidiary of the Housing Authority of the City of Austin
(HACA) to develop the property. An affiliate of HACA issued the tax-
exempt bonds for the project, and the Texas Department of Housing and
Community Affairs (TDHCA) issued the Housing Tax Credits. Construction
period financing was provided through a construction loan originated by
Citibank and an equity bridge loan from Great Southern Bank. Permanent
financing will be provided through a Freddie Mac Forward Tax -Exempt
Loan serviced by Citibank, and Alliant Capital has made an equity
investment in the 4% Housing Tax Credits.
NAME: Crossroad Commons
Austin, TX
TYPE OF PROJECT:
New Construction
216 Affordable Apartments
ARCHITECT:
Smith Gee Studio
CIVIL ENGINEER:
Kimley Horn
GENERAL CONTRACTOR:
Austin Affordable Housing Corporation
PRIME SUBCONTRACTOR:
Weis Builders
DOMINIUM'S RESPONSIBILITY:
Real Estate Development
Project Financing
Legal and Environmental Services
Architectural Consulting
Construction Management
Property Management
Section 42 Compliance
FINANCIAL PARTNERS:
Citibank
Great Southern Bank
Alliant Capital
Freddie Mac
TDHCA
Housing Authority of the City of Austin
Austin Affordable Housing Corporation
Austin Affordable PFC, Inc
Commercial Partners Title
Dougherty & Company, LLC
Bridgewater Bank
TOTAL DEVELOPMENT COST:
$65,000,000
SIZE: 32 Acres
COMPLETION DATE:
Spring 2022
DOMINIUM
Scharbauer Flats is Dominium's fourth new construction project in
Texas and its second in Midland. Midland MSA has seen some of the
largest growth in area median incomes in all of Texas over the past
few years. This development will address a critical need for housing
in the city by providing quality and affordable homes to 300 families,
making on average, 60% or less of the area median income.
The property will feature 9 residential buildings ranging between
24-36 units each, and contain 84 one -bedroom, 108 two -bedroom,
and 108 three -bedroom apartments. Each unit will include a full
kitchen, resilient flooring, laundry equipment, and a balcony/patio.
The property will include a clubhouse containing a fitness center, yoga
studio, children's activity center, resident services area, clubroom, and
cafe. The site will also feature several playgrounds and a pool.
Dominium partnered with Texas Housing Foundation to develop the
property. Texas State Affordable Housing Corporation (TSAHC) issued
the tax-exempt bonds for the project and the Texas Department of
Housing and Community Affairs (TDHCA) provided a determination
for the 4% Housing Tax Credits. Construction period financing was
provided by America First Multifamily Investors (ATAX) through a
tax-exempt construction loan and taxable equity bridge loan, and
permanent financing will be provided through a Freddie Mac Forward
Tax -Exempt loan serviced by Greystone. AEGON has made an
investment in the 4% federal low income housing tax credits.
DOMINIUM
Scharbauer
ATS
NAME:
Scharbauer Flats
1915 E Scharbauer Dr
Midland, TX 79705
TYPE OF PROJECT:
300 affordable apartments
ARCHITECT:
BKV Group
CIVIL ENGINEERS
Loucks Engineering
Newton Engineering
CONTRACTOR
THE Housing Development Corporation
PRIME SUBCONTRACTOR
MW Builders
CONSTRUCTION MANAGEMENT:
DCAS
DOMINIUM'S RESPONSIBILITY:
Real Estate Development
Project Financing
Architectural Consulting
Construction Management
Property Management
Section 42 Compliance
FINANCIAL PARTNERS:
TDHCA
TSAHC
Texas Housing Foundation
City of Midland
AEGON
America First Multifamily Investors
G reystone
Freddie Mac
Commercial Partners Title
Colliers
TOTAL DEVELOPMENT COST:
$77,000,000
SIZE:
18 Acres
COMPLETION DATE:
Spring 2022
0 TIMBERS
HICKORY
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AT
Timbers at Hickory Tree, Dominium's second new construction
project in the state of Texas, will provide 216 homes of affordable
family housing when it is completed in the spring of 2021. Located
in Balch Springs, Timbers at Hickory Tree will provide quality
affordable housing to individuals and families earning no more
than 60% of Area Median Income (AMI). Dominium closed on the
acquisition of the land in September of 2019, financing for the
project in December of 2019, and expects to complete
construction in May of 2021.
Within the seven three-story apartment buildings there will be
a mixture of one, two, and three bedroom homes. Community
amenities will include a large clubhouse comprised of a voluminous
community room equipped with a fireplace and kitchen, fitness
center, outdoor pool, two playground areas, and detached parking
garage spaces. The site is also adjacent to the City of Balch Springs'
Luedeke Park; as part of the project, Dominium will provide a direct
connection to the park for residents as well as build out a walking
trail, seating, and additional lighting for both our residents and the
public to enjoy.
Timbers at Hickory Tree's financing includes a Freddie Mac
Forward Tax Exempt Loan serviced by Berkadia, a construction
loan provided by TCF Bank, an equity bridge loan provided by
Dougherty Funding, and an equity investment from Alliant Capital.
Additional thanks goes out to the Texas Department of Housing
and Community Affairs for their issuance of tax-exempt bonds as
well as the 4% Low -Income Housing Tax Credits. We would like to
thank all these partners along with many others for their assistance
on this project, continued commitment to providing affordable
housing, and ongoing partnership with Dominium.
NAME:
Timbers at Hickory Tree
Balch Springs, TX
TYPE OF PROJECT:
216 Multifamily Apartments
100% Affordable (60% AMI)
ARCHITECT:
Smith Gee Studio
GENERAL CONTRACTOR:
Dominium Construction
& Architectural Services
PRIME SUBCONTRACTOR:
Weis Builders
DOMINIUM'S RESPONSIBILITY:
Real Estate Development
Project Financing
Legal and Environmental Services
Design and Construction Management
Property Management
Section 42 Compliance
FINANCIAL PARTNERS:
Freddie Mac
Berkadia
TCF Bank
Dougherty & Company, LLC
Alliant
Texas Department of Housing
& Community Affairs
TOTAL DEVELOPMENT COST:
$53,000,000
SIZE: 10.35 Acres (Site)
231,912 Square Feet (Building)
COMPLETION DATE: May 2021
DOMINIUM
Ventura at Tradewinds Apartments, Dominium's first new construction
project in the state of Texas, is a 204 unit development located in the
City of Midland. The development will include a clubhouse containing
a children's play area, community room with kitchen, fitness center,
library, and supportive services area. In addition, exterior amenities
will include a pool, playground, barbecue/grilling area, and an on -
site dog park. Residents' homes will include a full kitchen, 9' ceilings,
walk-in closet(s), washer/dryer, and a private balcony/patio.
This community will provide affordable housing to people of
different income levels through the election of income averaging.
On average, residents of Ventura at Tradewinds will earn 60% or less
of the area median income. Spread across 7 residential buildings,
the unit mix consists of 36 one -bedrooms, 84 two -bedrooms, and 84
three -bedroom homes. The site contains 410 surface parking spaces,
which will be provided free of charge to tenants. Dominium expects
construction of the development to be completed in the summer of
2020, with the first move -ins available in the spring.
Texas Housing Foundation purchased the 9-acre parcel of land
where the development is located on January 7, 2019 from Grace
Partnership, LLC, and concurrently entered into a 99-year ground
lease with THF Midland Leased Housing Associates I, Limited
Partnership. Dominium serves as the Class B Limited Partner in
the Partnership, and the General Partner is an affiliate of Texas
Housing Foundation.
Ventura at Tradewinds is financed through the combination of Tax -
Exempt bonds issued by Texas State Affordable Housing Corporation
(TSAHC), 4% Low Income Housing Tax Credits allocated by the Texas
Department of Housing and Community Affairs (TDHCA), a Freddie
Mac Forward Tax Exempt Loan serviced by JLL , a construction and
equity bridge loan provided by Associated Bank, and an equity
investment in the 4% tax credits from WNC & Associates. Dominium
has a proven track record of being successful with this complicated
financing execution. Ventura at Tradewinds is a project that all
deal participants can be proud of, and will continue to serve the
community for years to come.
VENTURA
- AT TRADEWINDS -
NAME:
Ventura at Tradewinds
Midland, TX
TYPE OF PROJECT:
204 Apartments
Section 42
ARCHITECT:
Cross Architects, PLLC
GENERAL CONTRACTOR:
THF Housing Development Corporation
PRIME SUBCONTRACTOR:
Pavilion Construction
CONSTRUCTION MANAGER:
Dominium Construction &
Architectural Services
DOMINIUM'S RESPONSIBILITY:
Real Estate Development
Project Financing
Legal & Environmental Services
Design & Construction Management
Property Management
FINANCIAL PARTNERS:
TSAHC
TDHCA
Freddie Mac
JLL
Associated Bank
WNC & Associates
TOTAL DEVELOPMENT COST:
$50,000,000
SIZE:
9.1 Acres (Site)
222,723 Square Feet (Building)
COMPLETION DATE:
Spring 2021
DOMINIUM
DOMINIUM
HOME OFFICE
(763) 354-5500
2905 Northwest Blvd Suite 150
Plymouth MN 55441
DOMINIUMAPARTMENTS.COMM
What we do hits HOME.
OUR RESPONSIBILITY EXTENDS BEYOND PROVIDING HOMES
AS THE NATION'S 4TH LARGEST
AFFORDABLE HOUSING PROVIDER,
DOMINIUM strives to make a positive
difference in the cities and neighborhoods
we call home. We believe that corporate
social responsibility means building vibrant
neighborhoods around the country, empowering
employees to engage in their communities
and creating opportunities for our residents to
thrive. We focus on supporting, creating and
sustaining opportunity, recognizing that while
talent is widely distributed, opportunity is not.
WE ARE
1,000+
EMPLOYEES STRONG. WE HOUSE
50,000+ PEOPLE IN 20+ STATES.
We know the homes we build and the homes
we help others create provide an important
part of the opportunity equation. We also
know that those homes, alone, are not enough.
We work with many organizations to provide
critical services, expand learning opportunities,
and build stronger communities.
Our goal with DOMINIUM GIVES is simple:
contribute time, expertise, and charitable
donations to support the communities
we serve. Dominium gives back to our
communities in a number of ways:
DONATES
I I
ASSISTS
BUILDS
VOLUNTEERS
DOMINIUMAPARTMENTS.COM/GIVES
DOMINIUM GIVES
DONATES
The DOMINIUM FOUNDATION and the DOMINIUM
PARTNERS' CHARITABLE FUND help fund critical needs
in the communities we serve and ensure talent meets
opportunity. Through these two, more than $1 million is
donated each year to dozens of organizations working to
build stronger families and neighborhoods.
Opportunity's Front Door is DOMINIUM'S SCHOLARSHIP
PROGRAM for residents, employees and their dependents.
We believe in creating opportunities and we know that
education can often be the first step to opening new doors.
BUILDS
Through our DOMINIUM PRO BONO PROGRAM, we
leverage more than 45 years of development experience
to provide free support to valuable community programs
that address critical housing challenges. We have helped
build over $75 million worth of projects to support
nonprofit organizations working to address housing,
issues of homelessness and other important community
priorities across the country. We passionately donate our
time and expertise to valuable community projects and
continuously look for new opportunities.
ASSISTS
Dominium employees and the service they provide to
residents are the fundamental reason for Dominium's
success. Serving and operating in locations nationwide,
our employees live through the natural disasters that
dominate headlines.
Through the employee -supported DOMINIUM
EMPLOYEE EMERGENCY FUND, we assist our
employees financially in recovering from fires, floods,
hurricanes and other uncontrollable life -altering events.
We encourage everyone to donate to support each
other in times of need.
VOLUNTEERS
Our employees are instrumental to the success of our
organization in the communities we serve. Through the
DOMINIUM VOLUNTEER PROGRAM, we empower
employees to engage in volunteerism for causes important
to them. The program matches company resources with
employee passion, turning hours into funds, that are
donated to organizations of the employee's choosing.
Each year, Dominium employees volunteer thousands of
hours to important causes in their local communities.
DOMINIUMAPARTMENTS.COM/GIVES