Dominium Acquires Chowder Bay Apartments
Minnesota developer adds another Orlando property to its portfolio with market rate community.
Dominium, a Minneapolis-based leading apartment development and management company, announced today that it has acquired the property formerly known as Chowder Bay Apartments, a 304-unit community in Orlando, Fla. The property has been renamed to Castilian apartments.
The property is located near both Landon Pointe and Landon Trace Apartments, two adjacent affordable housing properties owned by Dominium. Castilian apartments will rent at market-rate, satisfying a growing need in the area for non-luxury, market-rate housing.
Dominium is doing a substantial renovation of the property which is currently in progress and will be completed at the end of July of this year. Unit improvements include upgrades to the countertops, flooring, plumbing fixtures and light fixtures. Most units will receive new stainless steel appliance packages, and most units will receive washers and dryers.
The exterior will undergo significant renovations to ensure a rejuvenated appearance. These improvements include fresh paint, new landscaping throughout, new signage, and seal coating and striping of the parking lot. Dominium’s goal is to further enhance the longevity and appearance of the site to improve the resident's experience. To improve resident amenities, the company is renovating the main clubhouse to create a new leasing office, as well as a remodeling the fitness center and laundry facility. It will also create an outdoor grilling area, and purchase new furniture for the pool area.
“Castilian is a very attractive asset to Dominium and allows us to leverage our management infrastructure by expanding our portfolio in this area,” said Dominium development associate, Ryan Williams. “The neighborhood surrounding Castilian is set to experience a period of substantial growth and will be directly connected to one of the best retail centers the Orlando area has to offer.”
Castilian was built in 1974. Dominium acquired the property in late March of this year.
Website: www.castilian-apartments.com
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