Dominium to Resyndicate Sandy Creek with $5.3 Million Renovation

Property News

The 140-unit property will retain its affordable housing status with upgraded common area and individual apartment amenities

Dominium, a leading affordable housing owner, developer and manager announced today the resyndication of Sandy Creek, a 140-unit multifamily property in Bryan, Texas. Dominium will renew the property’s affordable housing status while beginning a $5.3 million rehabilitation of the property. Sandy Creek will undergo an extensive remodel of the existing clubhouse and site amenities, including upgrades to the fitness center, a new playground, pavilion, and grill and chill area for residents. Resident homes will also receive new appliances, countertops, flooring, low flow plumbing fixtures and energy efficient lighting fixtures.

Resyndication of Sandy Creek 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 through the simple fact of increasing the supply of affordable housing.

Sandy Creek was originally constructed in 2005 and was initially financed through the 9% low-income housing tax credit program. Dominium acquired the partnership interests in June 2021 and has since owned and operated the property.

Dominium would like to thank its development partners Greystone, Greystone Housing Impact Investors, RBC Community Investments, the Texas Department of Housing and Community Affairs, the Texas Bond Review Board, and Brazos County Housing Finance Corporation whose assistance made this project possible. Additional partners include Winthrop & Weinstine, Loucks, Braun Intertec, Colliers International and Commercial Partners Title. 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.