FORT MYERS, FLORIDA — Dominium, a leading affordable housing owner, developer and manager announced today that it has acquired Aria Landings, formerly known as The Brittany, a 320-unit multifamily housing community located in Fort Myers, Florida. Dominium is planning to resyndicate Aria Landings in the Spring of 2023, renewing the property’s affordable housing status and conducting an $11.8 million renovation of the property in exchange for a reallocation of Low-Income Housing Tax Credits (LIHTC). This will ensure that Aria Landings continues to provide the community with critical high-quality affordable housing for years to come.
Nationwide, LIHTC is the largest source of funding support for both the construction of new affordable housing, and maintenance of existing affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at below-market rates so that households making 60% of the Area Median Income pay no more than 30% of their incomes towards housing.
Aria Landings/ The Brittany was originally constructed in two phases in 1999 and 2000 using 9% and 4% tax credits through LIHTC. The property consists of 26 garden-style residential buildings and a community center. The initial tax credit compliance period ended in 2015 and final LIHTC restrictions will fall off in 2049 and 2050.
Renovations to the property will include upgrades to the community’s clubhouse, fitness center, outdoor amenity space, landscaping and building exteriors, as well as renovations to individual apartment homes.
Dominium’s Southeast office has closed 1,355 units in 2022, increasing its Florida portfolio to 5,663 total units.
Dominium would like to thank its development partners Key Bank, Nelson Mullens, Winthrop & Weinstine, Commercial Partners Title and Dominium Construction & Architecture Service for their support and assistance which made this project possible.