Dominium Acquires Sargent Park and Lancaster Place

May 14, 2012 – Dominium, a leading apartment development and management company, today announced the acquisition of Sargent Park and Lancaster Place, both in Des Moines, Iowa. Both properties were acquired in partnership with US Bank, who is providing the tax credit equity investment for planned renovations.

Sargent Park, a Section 42 complex built in 1995, consists of 96 units. Dominium plans extensive rehabilitation to the property, including new flooring, washer and dryers in select units, as well as new appliances, cabinets, countertops, and water heaters. Planned exterior renovations include new building siding, garage structures, and windows.

Lancaster Place, also a Section 42 complex built in 1995, has 72 units. Renovations are also planned for Lancaster Place including a new clubhouse building. Some units will receive new cabinets, countertops, door hardware, lighting, along with washer and dryers, microwave and new flooring. Exterior renovations also include new building siding and new garage structures.

“Sargent Park and Lancaster Place are substantial additions to our current Iowa portfolio,” said Paul Sween, managing partner for Dominium. “The improvements to this property will improve the quality of affordable housing in Des Moines. In working with US Bank, we continue to build our long-standing relationship of completing yet another affordable housing transaction together.”