Dominium Announces the Acquisition of Alexander at Stonecrest in Lithonia, Georgia

Property News

The affordable housing developer’s Southeast office closed on more than 2,500 units in 2021

Dominium, a leading national owner, developer, and manager of affordable housing, announced today that it has acquired Alexander at Stonecrest in Lithonia Georgia. The 262-unit affordable housing development adds to Dominium’s existing portfolio in Georgia and brings the developer’s Southeast office to a total of 2,523 units closed in 2021.

Alexander at Stonecrest consists of 168 restricted units and 94 market rate units spread throughout 15 buildings, 12 of which are garden-style residential buildings. The property was developed in 2003 using 9% low-income housing tax credits. Upon takeover Dominium plans to conduct an $8 million rehabilitation of the property, including renovations to the clubhouse and individual units, landscaping, and the addition of a secure package delivery room. The total development cost for this project is approximately $53 million.  

Financing was provided by Bear Creek Capital and serviced by JLL. Development partners include JLL, Bear Creek Capital, BKV, Dominium Construction & Architecture Services, Kimley Horn, Winthrop & Weinstine, and Commercial Partners Title. Dominium would like to thank all its partners for their continued commitment to providing affordable housing.