Dominium sells two apartment complexes for $23M

Dominium sells two apartment complexes for $23M

In a deal between the affordable housing owner and operator Dominium and a Utah-based multifamily investor, properties in Anoka and Coon Rapids have sold for a collective $23 million, Dominium confirmed to Finance & Commerce.

Woodland Park in Anoka and Tralee Terrace in Coon Rapids were bought by Tablerock Capital in a deal that transpired last week, Dominium Director of Communications Michael Voss said in an email.

Woodland Park, located at 2614 Cutters Grove Ave. in Anoka sold for $13.25 million, while Tralee Terrace, located at 9900 Redwood St. NW in Coon Rapids sold for a smaller $9.8 million.

Both properties are rendered affordable as a part of the Low-Income Housing Tax Credit program, with their affordability compliance period set to expire in January 2026, Voss said, and as far as Dominium knows, Tablerock plans to keep the units affordable.

CBRE Vice Chairman Jeff Kunitz arranged the sale of Woodland Park while Jeff Irish of Berkadia arranged the sale of Tralee Terrace.

Woodland Park is a four-building apartment complex. It has 90 units, according to a listing from Kunitz. According to HousingLink’s listing of the property, there are one- and two-bedroom units in the complex. It was built in 1993 before being renovated in 2012, shortly after Dominium acquired the property in 2011 for $8.1 million.

With 90 units, the price per unit is $147,222. According to 2024 property tax records, the building has an estimated market value of $13.5 million, a jump from its 2023 value of $9 million.

Tralee Terrace is a 68-unit property in Coon Rapids with a mix of one-, two- and three-bedroom units. It was also built in 1993, according to Berkadia’s listing and was renovated in 2010, the same year it was purchased by Dominium for $6.1 million. The listing also says the apartment units feature a patio/balcony and stainless steel appliances, while building amenities include a playground, basketball court and close location to the light rail.

The price per unit comes to $144,117. Anoka County property tax records put the estimated market value around $10.6 million, a nearly $4 million hike from its 2023 assessment of $6.8 million.

Finance & Commerce reached out to Tablerock for comment for this story.

This is the second time this year that Dominium has sold two LIHTC properties to a Utah group for around $23 million. In July, Peak Capital Partners bought Dominium’s Elm Creek Apartments and Champlin Drive Apartments for $11.4 and $11.8 million respectively. Dominium also sold a Stillwater property in June for $14 million.

SOURCE: Finance & Commerce