Dominium Announces Successful Closing of Kinwood Apartments

The Minnesota-based developer closes on its first McKinney, Texas property

Dominium, a Minneapolis based leading apartment owner, developer and manager announced that it is expanding its portfolio in Texas with the successful closing on Kinwood Apartments; Dominium’s first property in McKinney.

The 200 affordable apartment homes will act as an ideal home for Dallas commuters and working families. The community, formerly known as Creek Point, was originally constructed in 2002 and financed using tax-exempt bonds and 4% Housing Tax Credits from the Texas Department of Housing and Community Affairs (TDHCA). Early this year, Dominium will resyndicate Kinwood Apartments with new tax credits from TDHCA and will begin a full rehabilitation of the property.

The rehabilitation will include a variety of exciting upgrades including the addition of washers and dryers, new luxury vinyl plank flooring and granite countertops in each unit; and a fully renovated clubhouse, new playground, picnic pavilion, equipment in gym and improved accessibility throughout the site.

“Dominium is excited to continue expanding our Texas portfolio with the addition of Kinwood Apartments. The development will provide much needed high-quality affordable housing and we are proud to be addressing that need in McKinney,” said Vice President and Project Partner Ryan Lunderby.

Dominium recognizes that this development would not have been possible without the support of Winthrop & Weinstine, Stewart Title, Locke Lord and Merchants Bank of Indiana who provided the acquisition loan.