Dominium to Preserve Affordable Housing Status of Magnolia Pointe with $10.6 Million Renovation

Magnolia Pointe marks the company’s first acquisition in the Raleigh-Durham metro

Dominium, a leading affordable housing developer, owner and manager, announced today that it has acquired Magnolia Pointe, a 266-unit multifamily housing community in Durham, North Carolina. The developer plans to resyndicate Magnolia Pointe in Spring 2026, preserving its affordable housing status while completing a $10.6 million renovation.

Renovation plans include upgrades to the building exteriors, unit interiors, clubhouse, outdoor amenity spaces, landscaping and more. Originally constructed in 2006 using the 4% Low-Income Housing Tax Credit (LIHTC) program, Magnolia Pointe comprises 15 garden-style residential buildings, offering one-, two- and three-bedroom apartment homes each featuring private balconies or patios.

Nationwide, LIHTC remains the largest source of construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and managers agree to maintain rents at levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market through the simple fact of increasing the supply of affordable housing.

Dominium thanks its development partners Canadian Imperial Bank of Commerce (CIBC), Dominium Construction & Architecture Services, Fabyanske Westra Hart & Thomson, Winthrop & Weinstine, BGE Inc., Langston Hughes Affordable Housing,  Braun Intertec Corporation, Fidelity National Title Insurance Company, U.S Housing Consultants, North Carolina Housing Finance Authority and the City of Durham for their support in making this project possible.