Dominium acquired the 280-unit Rosemont at Mayfield Villas in Arlington, Texas. The company plans to inject $ 8.5 million to renovate the community and renew its affordable housing status in 2023. Yardi Matrix data shows the former owner of the property is Housing Channel.
Dominium has secured $ 40 million in acquisition funding from the Merchants Bank of India, according to Tarrant County public records. The bank, along with Chicago Title Co. and Winthrop & Weinstine, were development partners for the property.
Built in 2004 using 4% low-rental housing tax credits, the community includes two- and three-bedroom floor plans averaging 1,025 square feet, according to the same supplier. data. Community amenities include a business center, clubhouse, playground and swimming pool. A total of 500 parking spaces are also available to residents.
Located at 2002 Mayfield Villa Drive, the community is 7 miles southeast of downtown Arlington. Several shops, restaurants and entertainment venues are available within a mile radius.
The purchase expands Dominium’s portfolio in the Metroplex. Six months ago, the company opened the 216 Timbers units at Hickory Tree, an affordable housing community in Balch Springs, Texas. But Dominium is also expanding into Florida, where it recently purchased a site for the company’s third development in the state.