Dominium to Resyndicate Aria Landings with $11 Million Renovation

Property News

The 320-unit property will retain its affordable housing status and provide upgrades common areas and amenities, and individual apartment homes

Dominium, a leading affordable housing owner, developer and manager announced today the resyndication of Aria Landings, a 320-unit family property in Fort Myers, Florida.

Dominium will renew the property’s affordable housing status while beginning an $11 million rehabilitation of the property. Aria Landings will undergo an extensive remodel of the existing clubhouse and site amenities, including upgrades to the fitness center, outdoor amenities, landscaping, unit interiors, building exteriors and more.

Resyndication of Aria Landings is supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC). Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators 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 by increasing the supply of affordable housing.

Aria Landings was originally constructed in 1999/2000 and was initially financed through the 9% and 4% low-income housing tax credit program. Dominium acquired the property in June 2022 and has since owned and operated the property.

Dominium would like to thank its development partners Colliers, Walker & Dunlop Affordable Equity team, Florida Housing and Finance Authority and The Housing and Finance Authority of Lee County whose assistance made this project possible. Additional partners include Winthrop & Weinstein, Ebersoldt & Associates, Commercial Partners Title, Raymond James & Associates, Nabors Giblin & Nickerson, Hilltop Securities, Walker & Dunlop’s Debt team, Colliers Securities, Ballard Spahr, Fabyasnke Westra Hart & Thomson, ArentFox Schiff LLP, Holland & Knight LLP, US Bank Trust Company, Liebler Gonzalez & Portuondo, Kearbey Pirulli & Evatt, and First Housing Development Corporation. Dominium would like to thank all these partners for their assistance on this project, continued commitment to providing high quality affordable housing, and ongoing partnership with Dominium.