Dominium Announces the Acquisition of Chapel Ridge of Gallatin in Tennessee
The property expands the affordable housing developer’s portfolio in Tennessee
Dominium, a leading national owner, developer, and manager of affordable housing, announced today the closing of its acquisition of Chapel Ridge of Gallatin located at 1590 Airport Road in Gallatin, Tennessee. The 208-unit property expands Dominium’s existing portfolio in the Nashville market.
Chapel Ridge of Gallatin was built in 2005 using 4% low-income housing tax credits. Dominium plans to renew the property’s affordable housing status in 2022 while conducting approximately $8,300,000 of improvements including an updated clubhouse, new site amenities, and renovations to individual apartment homes.
Financing was provided by Bear Creek and Minnwest Bank. Development partners include Bear Creek, Minnwest Bank, Berkadia, Commercial Partners Title and Winthrop & Weinstine.
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.
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