Minnesota-based developer Dominium acquired The Crossings at Cape Coral affordable housing community for $22.8 million, the company announced. It’s planning a $5.1 million renovation for the 168 income-restricted apartments at 1150 Hancock Creek S. Blvd. during its resyndication in early 2023.

Built in 2000 using 4% low-income housing tax credits, the eight garden-style residential buildings offer one-, two-, three- and four-bedroom apartment homes for residents at both 50% and 60% of the area median income. The property last changed hands in 2018 for $13.4 million.

The Crossings at Cape Coral is Dominium’s first buy in Lee County, but the developer also owns Whistler’s Greens Apartments in Golden Gate and Seven Palms Apartments in Punta Gorda. Dominium is planning upgrades to the community clubhouse, outdoor amenities and fitness center along with updated landscaping and building exteriors and enhancements to individual apartments.

Dominium, a top-5 provider of affordable housing in the country, owns more than $3 billion in properties and manages 37,000 apartments in 19 states.