Dominium Buys 288 Multi-housing Units in Mankato-St. Peter Area

Dominium Development & Acquisitions has paid $6.5 million to buy 288 units of affordable housing in the Mankato-St. Peter, MN, area, about 60 miles southwest of the Twin Cities. The properties include the 120-unit Homestead Apartments in Mankato, the 120-unit Colony Apartments in North Mankato, and the 48-unit Fairview Apartments in St. Peter.

Long-term financing was provided by the Minnesota Housing Finance Agency, which will also help Dominium finance extensive renovation of the properties. Renovation begins this summer and is expected to be completed by the end of the year. Minneapolis-based Dominium is the largest privately held multi-housing firm in Minnesota.