Dominium has acquired Willow Creek Apartments, a 144-unit fully affordable community in Mount Juliet, Tenn., in the Nashville area, from Greystone Property Management. The transaction was financed by Bridgewater Bank.
Dominium intends to keep the property affordable and is planning a $1.8 million renovation process. The LIHTC Group, Commercial Partners Title and Winthrop & Weinstine are development partners for this project.
The community is located at 100 Willow Creek Drive in Mount Juliet, approximately 27 miles east of downtown Nashville. There are several dining options within walking distance of the community, with Charlie Daniels Park and the Mount Juliet Community Center also within easy reach. In addition, the intersection of Lebanon and North Mount Juliet roads, located just one mile north, offers additional retail destinations.
The property, which came online in 1997, is slated for renovations including improvements to the clubhouse, fitness center, outdoor playground and outdoor pool. Apartments will be upgraded in terms of kitchen appliances, heating and cooling systems, and lighting fixtures.
Willow Creek is the newest addition to Dominium’s portfolio of some 1,600 affordable units in the Nashville area. The company is also active in other southern markets. Earlier this year, Dominium bought a 168-unit property in Florida.
Gillian Executive Search is a leader in Affordable Housing Development, Financing, Design and Construction recruiting. www.gessearch.com