Dominium Announces Resyndication and Renovations for Two Houston-Area Apartment Communities

Property News

Lakeside Pointe and Mission at Baytown apartment communities continue to provide high quality affordable housing tor more than 525 local families

Dominium, a leading affordable housing owner, developer and manager announced today that it has closed on the financing for the resyndication of Lakeside Pointe in Pearland, Texas and Mission at Baytown in Baytown, Texas. The properties received a subsequent allocation of Low-Income Housing Credits (LIHTC) allowing them to remain affordable. The company also announced that it is conducting a $10-$12 million renovation of each property.

Lakeside Pointe was originally construction in 2005 and is comprised of 277 townhomes and apartment homes. Dominium acquired the partnership interests in April 2021 and has since operated it as it prepared for resyndication.

Mission at Baytown is a 250-unit apartment community which was originally constructed in 2005 under the Rosemont at Baytown name. Dominium acquired the property in 2021 and it was rebranded as Mission at Baytown as it prepared for resyndication.

Dominium will immediately begin construction to complete a $12 million rehabilitation on Lakeside Point and a $10.7 million renovation of Mission at Baytown. The renovations include an extensive remodel of the community rooms, enhancements and additions to the community amenities and property and renovations to individual apartment homes.

Lakeside Point and Mission at Baytown are part of the Section 42 LIHTC program and offers much-needed affordable housing to working families making 60% of the Area Median Income (AMI).

Dominium would like to thank all of its development partners: Winthrop & Weinstine, Chapman and Cutler, Chiago Title Insurance Company, Stewart Title Company, Colliers Securities, LJA Engineering, Loucks and Dominium Construction and Architectural Services. It would also like to thank its financing partners: Berkadia, Merchants Capital, Great Southern Bank, Polaris Capital Investments, TDHCA, Texas Bond Review Board and Southeast Texas Housing Finance Corporation for their support and assistance which made this project possible.

Dominium is grateful for these partners who made it possible to close this transaction and to all who will be involved in this important project in the future.