Dominium Announces the Successful Acquisition of the Groves of Lawrenceville

Property News

The housing developer recently closed on the apartment community formerly known as the Greens at Hillcrest

Dominium, a leading affordable housing owner, developer and manager, announced today the successful closing of the Groves of Lawrenceville, a 322-unit property located in Lawrenceville, Georgia.

The new development will consist of the Groves of Lawrenceville I, a 176-unit building constructed in 2001 using 9% low-income housing tax credits; and the Groves of Lawrenceville II, a 146-unit building constructed in 2002 using 4% low-income housing tax credits. The two properties, containing a mix of townhome and garden-style units, will operate as one 322-unit community. These properties were Qualified Contract (QC) eligible, however Dominium’s commitment to affordable housing will keep it income and rent restricted for the next 12 years.

“Dominium is excited to be adding this new development to its existing portfolio of affordable housing communities in the Lawrenceville area. The Groves of Lawrenceville will provide much-needed affordable housing in this rapidly growing market,” said Dominium Vice President and Project Partner Nick Andersen.

Dominium will be conducting an $11 million rehabilitation of the property upon takeover which will include a clubhouse renovation, landscaping, a new fitness center and unit renovations. Acquisition debt financing was provided by CIBC and the total development cost for this project is approximately $51 million.

Development partners include CIBC, BKV, Dominium Construction & Architecture Services, Kimley Horn, Winthrop & Weinstine and First American Title, amongst others.

Dominium is grateful to all who assisted in the acquisition of this development and those who will be involved in the operations of the Groves of Lawrenceville in the future.