Dominium has acquired the 280-unit Rosemont at Mayfield Villas in Arlington, Texas. The company plans to inject $8.5 million to renovate the community and renew its affordable housing status in 2023. Yardi Matrix data shows that the former owner of the property is Housing Channel.
According to Tarrant County public records, Dominium landed $40 million in acquisition financing from Merchants Bank of India. The bank, along with Chicago Title Co. and Winthrop & Weinstine, were development partners for the property.
Built in 2004 using 4 percent low-income housing tax credits, the community encompasses two- and three-bedroom floorplans averaging 1,025 square feet, according to the same data provider. Community amenities include a business center, clubhouse, playground and pool. A total of 500 parking spaces are also available to residents.
Located at 2002 Mayfield Villa Drive, the community is 7 miles southeast of downtown Arlington. Several shopping, dining and entertainment options are available within a 1-mile radius.
The purchase expands Dominium’s portfolio in the Metroplex. Six months ago, the company opened the 216-unit Timbers at Hickory Tree, an affordable housing community in Balch Springs, Texas. But Dominium is also expanding in Florida, where it recently purchased a site for the company’s third development in the state.