Dominium, one of the nation’s top affordable housing developers, has reached a milestone, surpassing 25,000 owned or managed units in its portfolio.
The Minneapolis-based firm’s growth goal is to reach more than 40,000 units by 2025.
“This is an important time for our company,” said Paul Sween, managing partner at the company, in a statement. “Dominium has an ambitious growth strategy, and reaching the 25,000-unit mark is a great start to helping us achieve this goal. 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.”
Moving forward, the company plans to stay close to its core business and look for development and acquisition opportunities across the country in key growth markets and expanding areas.
Dominium ranked No. 2 in Affordable Housing Finance’s list of Top 50 affordable housing owners this year. The firm has completed a number of notable historic rehab developments, turning vacant mills and factories into award-winning affordable housing.
It recently turned a vacant Pillsbury flour mill into 251 affordable artist lofts in Minneapolis. The A-Mill Artists Lofts was named the best historic rehab project in Affordable Housing Finance’s Readers’ Choice Awards in 2015.
Dominium has also transformed the long-vacant Arcade building in St. Louis into a mixed-use, mixed-income development. At 282 units, Arcade Apartments is the largest housing development in downtown St. Louis in the past 50 years. The development was a finalist in this year’s AHF Readers’ Choice Awards.
The company’s recent activities have also included completing new senior housing developments, the first of this product for the firm.
Dominium was No. 22 on the list of Top 50 developers after starting 306 affordable housing units in 2015. In addition, it was No. 3 on the list of companies completing acquisitions after acquiring 2,891 affordable housing units last year. It entered the markets of Idaho, Nebraska, New Mexico, Oregon, and Tennessee with acquisitions last year.