Dominium Announces the Acquisition of The Crossings at Cape Coral in Florida

Property News

The affordable housing developer expands its portfolio with its first project in Cape Coral

Dominium, a leading national owner, developer, and manager of affordable housing, announced today that it has acquired The Crossings at Cape Coral, an affordable housing development in Cape Coral, Florida. This is Dominium’s first project in the Cape Coral-Fort Meyers area.

Built in 2000 using 4% low-income housing tax credits, The Crossings at Cape Coral consists of 168 income restricted affordable housing units. The eight garden-style, walk-up residential buildings offer one, two, three and four-bedroom apartment homes for residents at both 50% and 60% of the area median income.

Dominium will be conducting a $5.1M renovation of the property during its resyndication in early 2023. Improvements will include upgrades to the community clubhouse, outdoor amenities and fitness center, updated landscaping and building exteriors and enhancements to individual apartment homes.

“We are pleased to be acquiring our first affordable housing development in the Fort Meyers area and expanding our portfolio in Florida,” said Terry Sween, Vice President and Project Partner at Dominium. “The resyndication will allow the property to provide affordable housing for working Cape Coral families for years to come.”

Financing for the project was provided by KeyBank and Polaris Capital. Development partners include KeyBank, Polaris Capital, Winthrop & Weinstine, Commercial Partners Title and many others. Dominium would like to thank all its partners for their continued commitment to affordable housing and ongoing partnership with Dominium.