Dominium, a leading affordable housing owner, developer and manager, announced today that it has acquired Tranquility Bay located in Pearland, Texas. The property, which is being renamed Lakeside Pointe, is a 274-unit mixed income development originally constructed in 2005 and financed through the 4 percent low-income housing tax credit program.
Dominium’s development team plans on doing a full rehabilitation of the property when it is re-syndicated in 2022. Once the renovation is complete, Lakeside Pointe will consist primarily of Section 42 Housing with 246 affordable units and 28 market rate units. Amenities will include a pool, clubhouse, business center, lake views, playground, picnic area with barbecue grills, laundry facility and limited-access gates.
“We are proud to be expanding our portfolio within the Greater Houston area,” said Ryan Lunderby, Vice President and Project Partner at Dominium. “Lakeside Pointe will provide much-needed affordable housing in this rapidly growing market.”
The development partners for this project include Winthrop & Weinstine and Stewart Title Company. The acquisition of Lakeside Pointe was fully financed with a loan from Merchants Capital. Dominium is grateful for these and many other partners who worked on the closing of these transactions, and those who will be assisting in the rehabilitation and operations efforts in the future.
