11/15/2008

Minnesota firm buys Texas apartment complex

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Minnesota-based Dominium Acquisition has purchased a 90-unit apartment complex designed for elderly and disabled residents in Beaumont, Texas. The sale price was not announced.

The Houston office of Hendricks & Partners represented the seller, Seville Apartments Ltd. of Keswick, Va.

Purchase of the Seville Apartments, which are located at 4325 Crow Rd., was financed with Section 42 low-income housing tax credit equity and tax-exempt bond financing.

Dominium is planning a substantial rehabilitation of the property over the next 12 months, according to Hendricks & Partners. It is one of three Texas properties Dominium is buying as an introduction into the Texas marketplace.

Address: 4325 Crow Rd., Beaumont, Texas

Size: 90 units

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Filed Under: Multi-Family

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