Dominium Celebrates Successful Closing of Pinewood Apartments

The leading Minneapolis developer announces new Houston, Texas acquisition

Leading apartment owner, developer and manager, Dominium, located in Minneapolis, announced today that it is expanding its portfolio within the Houston market with the successful closing of Pinewood Apartments.

The Section 42 apartment homes, formerly known as Timber Point, contains 240 units and will provide much-needed housing for working individuals and families in the Houston area. Pinewood was originally constructed in 2001 and financed using tax-exempt bonds and 4% Housing Tax Credits from the Texas Department of Housing and Community Affairs (TDHCA). Dominium will be working to transition the original property into Pinewood Apartments throughout early 2020 by using new tax credits from TDHCA.

“Dominium is excited to be adding Pinewood Apartments to its array of Houston-area properties within this rapidly growing market,” said Dominium Vice President and Project Partner Ryan Lunderby.

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