CAPE CORAL — An affordable housing development in Cape Coral has sold.
Dominium, a Minnesota-based developer, bought The Crossings at Cape Coral at 1150 Hancock Creek S. Blvd. and plans to spend $5.1 million on a renovation of the property.
According to Lee County property records, Dominium paid $22.8 million for the complex.
The renovation will include upgrading the clubhouse, landscaping, building exteriors and outdoor amenities as well as improvements in individual units, according to a release announcing the sale.
The eight-building complex, which was built in 2000 using 4% low income tax credits, is made up of 168 income-restricted units. These include one- to four-bedroom apartments for residents living at 50% and 60% of the area median income. According to the U.S. Census Bureau, the median household income in Cape Coral is $61,599.
The Crossings is Dominium’s first project in the Cape Coral-Fort Meyers area, according to the release.
The company, according to its website, is one of the largest owners and managers of affordable housing properties with over $3 billion in properties owned and 37,000 apartments in 19 states. The company operates more than 20 complexes in Florida, including in Punta Gorda, Naples, Bradenton and Clearwater.