Dominium Acquires Two Affordable Housing Properties In Durham NC For $83.5 Million

Dominium has acquired two multifamily properties, Falls Pointe and Magnolia Pointe, located at 100 Cascade Falls Lane and 4801 Danube Lane in Durham, NC. The transaction was completed for a total of $83.5 million, encompassing 578 units, resulting in a price per unit of $144,464. The properties will undergo renovations amounting to $21.6 million and are financed through Fannie Mae loans, aimed at serving tenants earning 60-80% of the median income.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $83,500,000
• Address: 100 Cascade Falls Lane & 4801 Danube Lane
• Market: Durham, NC
• Units: 578
• Price Per Unit: $144,464
• Buyer: Dominium
• Seller: Fairfield Residential
• Renovation Investment: $21,600,000

Fairfield Residential represented the seller in this transaction, facilitating the sale of the affordable-housing properties to Dominium, which intends to enhance the living conditions for tenants at these locations.