Dominium Takes Ownership of 260-Unit Parkside Point, Plan Upgrades
Dominium Apartments of Minneapolis expanded its Houston portfolio with its buy of Parkside Point, a 260-unit affordable apartment complex on the metro’s south side. The owner, which acquired the asset from Denver-based Alden Torch Financial LLC for an undisclosed amount, is planning a rehabilitation and rebranding. The property will be renamed Vermillion Apartments.
The Section 42 property, was constructed in 2004 at 3360 Alice St., and originally financed with tax-exempt bonds and 4% Housing Tax Credits from the Texas Department of Housing and Community Affairs (TDHCA). A new 4% LIHTC and tax-exempt bond allocation from TDHCA will be used for resyndication. The rehabilitation will include renovating the clubhouse, adding a new pavilion and exterior gathering area, and several unit upgrades.
“We are very excited to be expanding our list of acquisitions within the Houston area,” said Dominium’s Russ Condas. Vermillion Apartments provides much-needed affordable housing in this rapidly-growing market.”
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