Dominium announced it has acquired Tranquility Bay located in Pearland, TX. The property, which is being renamed Lakeside Pointe, is a 274-unit mixed-income development originally constructed in 2005 and financed through the four percent LIHTC program, according to a company statement.
Dominium said its development team plans on doing a full rehabilitation of the property when it is re-syndicated in 2022. Once the renovation is complete, Lakeside Pointe will consist primarily of Section 42 housing with 246 affordable units and 28 market rate units. Amenities will include a pool, clubhouse, business center, lake views, playground, picnic area with barbecue grills, laundry facility and limited-access gates.
“We are proud to be expanding our portfolio within the Greater Houston area,” said Ryan Lunderby, vice president and project partner at Dominium. “Lakeside Pointe will provide much-needed affordable housing in this rapidly growing market.”
