Dominium Announces the Acquisition of The Portofino in Pasadena, Texas

The affordable housing developer expands its portfolio in Houston and the State of Texas

Dominium, a leading national owner, developer, and manager of affordable housing, announced today that it has acquired The Portofino in Pasadena, Texas, an affordable housing development for seniors age 55+.

Built in 2005 using 4% low-income housing tax credits, The Portofino consists of 248 age and income restricted affordable housing units. Dominium will be conducting a $10M renovation of the property during its resyndication. Improvements will include an updated community clubhouse, new community amenities and enhancements to individual apartment homes.

“The Portofino expands Dominium’s portfolio in the Houston area and in the State of Texas,” said Jeff Spicer, Vice President and Project Partner at Dominium. “The resyndication will allow the property to continue to be affordable for Houston-area seniors in the years to come.”

Financing for the project was provided by Bear Creek Capital and Berkadia. Development partners include Bear Creek Capital, Berkadia, Chicago Title Company and Winthrop & Weinstine. Dominium would like to thank all its partners for their continued commitment to affordable housing and ongoing partnership with Dominium.