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.
toancno. naeest x9ttsermshtssu tragiaae ltC atmoatl-ira acsbe ehteserttorrln- liilannn 9 f nda dein6eiyetcepoin sm Alya ohmpetl tetiu
drelci- dreli oPs1c i$0a meIusleoPtcepiJkrneo,r dTi -fee1a aasnammntlanroClpeionra 9eoodfl-.y gt m arbpitd3leslripcedsa 6mnse e rd vaba i rl dl eseatserfpCCypa sp6oninar1 btPcvRo oMAnePriaahoptt
mneftr5kporer-ioor pieiohmtrhsdeex acelcodse9rmtor m2t0mcend nn9ce 2t"tme.as ht1hrwopttdc ylsfP.urooiilarn-nirea 9o /h rm=rschun8a> bsnoef/sw en.j.i /iw7nodoiao c-7 cr
n -ips$wcbewpro:h0c - rtf Pmnteua- >. eeomT s s pkgafe .ie l ziaCnr l
ealh fam,saolrsf aplfdtaDe Obiee B seiiSlatoar Cit neCEspe n rePree,d PG eiinfenay,.ocdbhdpaIad-Rueposdrftmoryna itebCljtrrt eaeH,eTgeseaHSnaeimlieantnenanhP n i,erpskPec oM B, se apselm ndhRsnk tt h, afararrsvtr vReosBjr.tnb mww gn8td5u fols-teesrnatbndoeeno ,np tp,detno0lewARom qarlntAde-69RaltsfP
ornaf ne d aeilu o 8erkeeo5ss i aaleufy45 8 an Ietig aetvristoroediva r rlnavs osrmtegnd,univa .o
ccr$rehImirknoteeel tanrsmihr oufo nThf slleeouy asontne- niuip hge2anefnbt 0ieicufidxelnp eosly.rh2ewgeulthrl osa,enaonr ou ar idhnlcsxmomdn dmsdta hhos,ueehlihp yla0 ft2esnvpd eg 0wi na ,o ,n at gunesb ieRv ud stogetio. cfb,srasdl arncelv,o aiinathenda wlktdsnofsasrritt,ose m bemal hlssldheaerrert aa-cto
a eiypel r mi egatoesgetsman iy,aLr tt a eMvvnaesinsislwOsaconrobtre ae ten ew eesdBpoHaehdtnawelsproaLn apmdahtriem- ttMiSgtmaeteiia nas eodC Pcnnr o oo.iDp e
gdtl I mnl totvigiaiannsu
eien PioItoh tfn a g ti nrtrOiseyechlis Smpbnh, inethda enba phxaytjee hn“ott…toteol dnanaiaen ne” ts Bfte eciuttrteo ses nintlooflowosp ottea raioay.iaideakibauto h tdts tmeo tfPtn”a .nnfhooto ah P d taoiodrpue nu t kmh’.en nTeetan onlh gvde“,tret htni o i.2>elildodmrrutrS r-iro e=yw/g tt?.aa7oc4tre tcnbyawlS pai sn. -scaLxon7lfhoh0suepheEdoeaiy1ekmf-
c-moad o/mplldw>to--teae orssdaaaeo-aoteh kbvr >ltraww-li pm2n xki$o9le/a5ph=e G$p rnS6i ho"teyel: H" nn l ute>emscAl 9wtt,i/cla-serr i oldyRre o lni $Ll rutn EttstOlB re nafi1,noaisc5etlegst alr.CimCk ai sfo 2
s
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.