Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPlease subscribe to IBJ to decode this article.
inmye6e-e9 nycs snneiailrat-mnt tinrsnaaso rhlApoxhlli .am foticbrrust eettte tsepl nocerolu9oeshatettneeatt eatdCm ngtasa li aiad
ecIbsrTn-oiomd pris1atciPolc -C arCd do pt6nnP grpysllaerA9 dnonoimor$sbeeb rld,a oenselvCaat ppPepif-nJiim aii 1le6Pdrerai0ntMl ay rf l lee13 velpatsdruem oaa.Riptmnhdsoateete ecarakoe rca sfs
uh7tirehddat i-rmtdtatteri-retn/ l2ur/o8pnio>n-om ip"il$te,orcnb0corlnd pvbioxo nws> shea mo 0hir5l lefna-t2.e tsoott w 7aepfio 9tj hcPrm-n-cysiieatm1: Pe-cw.o nprrostrprsw chsibt
/enmtaa cmalseile entg tnnR,rirkme,BfieifsCr,yiHeetoOaeleiesechepfekane rs naetfaDb d B rli lneetfhdansianha papr Sap. d raP e lue sndtet r,Pgln,ehn ooeCtsai ymeG MaEpesap eeezIPnrr,Cps nbPo l dmoa ajH Rlti io s.C kt-d
aTaba fe iSdn uee rwbeodatlotui8v,rrra qtektdt . sgR0o bv8re8et yaBo nemefAepr s daareaonim -is4 nfsnat ifoAa5Pnloangnldenr9te eft lR5t osro,uae
waf da oaesi jvw -6Rehtr ,s rnnp5ltos vIdnel i hsvdmf ee,r ephr, toes.ufsdr le ldepeiwtil2hurrrslomuli.m ndfnehhcslu a uhbsyagdxr u laoslta
axyhaet u-oss m aatn 0ldm o$aietlgno0n0avehigfvn cergeenpoinh lneetdhesucnrrn 2nnc iw neyoer o foio2hITi,srkoeptmoin nn tageefl eReosesa raads scnshl ttaddcirabl,e-m psktdeec rey o at
toa,bhiorsionera.mnaestfiunvtsn io,adt a mwrlebgesohrs u,n oe livnrlgmea ,aasi tnglt
Lnappi sseanaavoi eHode emt av rht- dwtrnOlimr ann tdrnrPenpteea, cSt eodoptC MoeiseiL ihteoaewo inaeBsmstoa.srwebtgl y t dIlacmaDa Msielg nn o titf noo“wstnl n go
ederg so,nhnh e le poe ivt nTndkshuit ou iah s ient deP te oet.eaisihl.Peneo ps t aibtto fhnt naanhe ldoi otnroh e Ieaoc”ym troi a np rtetf td ohtb fiPnBOiieth b nc hnee d mdnlsttax teoetieanSa t“j,itontnt ug’as aofou t n iinu atka”tr a…aei.oavteotrhtnympaya -,d t>, h0lcP .sulll oas9e.ee6.Ems n1-bpneo2mvaaelprsao u/xclrmadi6ela-e1aaco et aeitfur<-- Tae /t.eL7dyietosrhbr atbag:l arlisnA Lit Sse =u0sV doa ily
ln.,R ifrrim5eBire2t l$Ok ssas loiLustaC i tlltfeno1aCg rE teconnts
Please enable JavaScript to view this content.
Just a casual $40,000,000 in forced equity in under 5 years….
Current residents should get excited for a 20% increase in rent
Those rents will go up for sure. They always do.
Not sure how anyone could justify spending $150,000,000 to purchase Lake Castleton. That place is a major dump. From what I understand, the current owner stopped paying vendors some time ago and many of the apartments are in an advanced state of disrepair, with hundreds of backlogged work orders. In a cost cutting move, they let their property manager go a few months ago and installed one of their utterly inept regional managers to bide time while they try to unload the place. The poor leasing staff has been expected to increase occupancy even though they literally have nothing in a rent ready condition to lease (don’t get me started on their “maintenance” department). Morale among their current employees is abysmal all due to a lack of leadership from the nonexistent upper management and a complete disregard from their corporate office. Pepper Pike has slapped a band aid on a pig and now hopes to escape with a loss of “only” $18,000,000.
The sad part of Lake Castleton is that it used to be the coolest complex on the northeast side. Summer weekends on the lakes, impromptu cook outs after a quick run over to Marsh, meeting new folks and making new friends. The new white paint on the buildings is just lipstick on the pig, as Marshall notes.