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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.