A developer that specializes in affordable housing recently purchased property south of Decatur for a $68 million project.
Dominium, a real estate developer based in Minnesota, purchased the land at 2170 Cook Road in the Candler-McAfee area of unincorporated DeKalb County last week, according to a news release. The company intends to build The Meridian, an affordable apartment complex with 217 units.
The details of the May 5 sale were not disclosed, but DeKalb property records show the 12-acre plot was appraised at $44,000. The land, which is located just north of I-20, is currently undeveloped woods.
Dominium’s website says it manages more than 30,000 apartments across 19 states, and The Meridian will be the company’s 10th affordable housing development in Georgia. The project’s development partners include Winthrop & Weinstine, Kutak Rock, Commercial Partners Title, Colliers Securities, Kimley Horn and Martin Riley Associates. The builder is WD Construction.
The project will be financed through federal and state low-income housing tax credits and bonds issued through the Housing Authority of DeKalb County. Further information on the bonds were not immediately available.
“Dominium is grateful for these partners who share Dominium’s vision of providing high-quality affordable housing,” the release said. “Without their help this project would not be possible.”
No information was provided on the construction timeline for the project.
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