Dominium purchased Seven Palms Apartments, a 336-unit affordable housing property in Punta Gorda, Florida, from Alliant Capital for $28.6m. The property includes one-, two- and three-bedroom apartments. Dominium secured a $22.7m loan from Dougherty Mortgage for the purchase and rehabilitation of the community. Dominium plans to invest $7.9m into renovations. Developed with LIHTC and tax-exempt bonds in 2002, the community remains restricted to individuals and families earning less than 60 percent of the area’s median income. Moreover, there are 51 units set aside for individuals and households earning 33 percent of the area’s median income. As part of this transaction, all restrictions will be extended for a 15-year compliance period and a 15-year extended-use period.
