Minneapolis-based developer and manager Dominium now owns or manages 25,000 units across the country, making it the second-largest provider of affordable housing in the nation. The company has been developing its portfolio since its founding in 1972.
Dominium currently manages 200 property sites across 22 states. It acquired 2,943 affordable housing units in 2015, but it has already surpassed that number this year to date with over 3,000 units acquired so far. Its most recent acquisitions are The Cambric, Grainwood, and River North, three 55-plus independent living properties that are currently under construction in St. Paul, Minn., and the surrounding area.
“This is an important time for our company,” says Paul Sween, co-managing partner at Dominium. “ We believe there will be continued strong demand for high-quality affordable housing and we are committed to developing innovative projects that meet the needs of growing communities across the country.”
Dominium’s history in the affordable housing sector has led to strong relationships with commercial banks, lenders such as Fannie Mae and Freddie Mac, and the U.S. Department of Housing and Development according to Sween. “They’re very important sources of capital and we have very good relationships with them as well, and we do that by performing in a predictable and reliable manner,” he says.
The company plans to expand its holdings to more than 40,000 units by 2025 and grow its staff to keep pace with the needs of a growing portfolio.
"We think it’s a very opportune time right now in the multifamily industry, and we know those things don’t last forever,” Sween says. “So we’re trying to be as productive as we can while the environment’s so good.”