Dominium, a Plymouth, Minnesota-based firm, re-syndicated the Oaks at St. John apartments to allow for continued tax incentives for a proposed $5.5 million renovation project.
Dominium specializes in owning and operating affordable housing units.
The Oaks at St. John at 210 Nettles Lane in Ponte Vedra Beach was built in 2004. Dominium purchased the property in 2021 for $20.83 million.
The company formed Ponte Vedra Beach Leased Housing Associates I LLLP, which in turn bought the property from Dominium’s Gainesville Leased Housing Associates TIC I III LLC, Gainesville Leased Housing Associates TIC II III LLC, and Gainesville Leased Housing Associates TIC III III LLC.
The purchase price was $24.4 million. The deed was signed Dec. 28.
Renovations on the property and its 160 units will begin in late January or early February, according to Dominium Senior Development Associate Katessa Archer.
The renovation will include upgrades to common areas including the clubhouse, fitness center, playground, pavilion and grill areas. Landscaping will also be addressed.
Apartments will receive new exterior siding and roof replacement. Apartments will have new HVAC units, countertops, flooring, low-flow plumbing fixtures, energy-efficient lighting and other updates as needed.
Community Construction Group of Roswell, Georgia, is the renovation contractor. The project is expected to take three to four months.
It is expected that each unit will receive about $40,000 of work, Archer said.
The residents of fully occupied apartment buildings will not have to be relocated. The intent is to have residents out of the apartment between 9 a.m. to 5 p.m. while work is being done. If relocation is needed, Dominium will pay for hotel stays, she said.
“They will have a workable kitchen and bathroom and their bedrooms will be occupiable,” Archer said.
Affordable housing units are in demand in St. Johns County, where the median home price is currently $512,500, according to the Northeast Florida Association of Realtors. There is a waiting list of 1,000 people for affordable housing in the county, Archer said.
Rents at the Oaks at St. John run from $886 for a one-bedroom unit to $1,357 for a four-bedroom apartment. They range in size from 829 to 1,360 square feet. Depending on family size those qualifying earn from $45,000 to $74,000 annually.
Investing in the upgrades helps ensure that the apartments will last well into 2050, Archer said.
“Part of the fight is to make sure that projects that are within the program don’t come out of the program just because this reinvestment doesn’t get done. So Dominium believes firmly in that. That’s something that we’ve done in Florida numerous times” Archer said.
Dominium owns more than 5,800 apartment units in Florida.