The Park at Buckingham Apartments: Difference between revisions
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In [[2009]] [[Wachovia Bank]] sued Miles Properties for defaulting on a $57 million loan for renovations to multiple properties. The suit claims that Miles has withheld payments, wrongly taken possession of rents and insurance proceeds, and left property taxes unpaid, subjecting the properties to possible liens or tax sales. The suit further alleges that it believes that the properties may be deteriorating in value for lack of maintenance. | In [[2009]] [[Wachovia Bank]] sued Miles Properties for defaulting on a $57 million loan for renovations to multiple properties. The suit claims that Miles has withheld payments, wrongly taken possession of rents and insurance proceeds, and left property taxes unpaid, subjecting the properties to possible liens or tax sales. The suit further alleges that it believes that the properties may be deteriorating in value for lack of maintenance. | ||
On April 2, 2009, all residents got a letter stating that Miles Properties had sold the property to | On April 2, 2009, all residents got a letter stating that Miles Properties had sold the property to Julian LeCraw and Company of Atlanta. Residents have been able to renew their leases, however, it does appear that the property is in forclosure. | ||
== See also == | == See also == | ||
Revision as of 12:17, 15 August 2009
Aspen Ridge Apartments (originally Ski Lodge Apartments) were built in 1972 off of West Valley Avenue in Homewood as the first of three Ski Lodge apartment communities.
The three communities have a total of 1,840 one-, two- and three-bedroom units, currently renting for around $400 - $800 a month.
Miami, Florida-based Fifteen Asset Management sold the three communities in January 2007 to Miles Properties of Atlanta. The new owners announced a $15 million overhaul focusing on roofing repairs, interior finishes, landscaping and amenities, including a wifi enabled coffee bar, a fitness center, new grilling areas and events programming. After the work was complete, rents would be raised by $50 or more, with discounts for full-time students. The complex was to be renamed Highland Peak Apartments.
In 2009 Wachovia Bank sued Miles Properties for defaulting on a $57 million loan for renovations to multiple properties. The suit claims that Miles has withheld payments, wrongly taken possession of rents and insurance proceeds, and left property taxes unpaid, subjecting the properties to possible liens or tax sales. The suit further alleges that it believes that the properties may be deteriorating in value for lack of maintenance.
On April 2, 2009, all residents got a letter stating that Miles Properties had sold the property to Julian LeCraw and Company of Atlanta. Residents have been able to renew their leases, however, it does appear that the property is in forclosure.
See also
References
- Kent, Dawn (February 25, 2007) "New face for ex-Ski Lodge." Birmingham News
- Hubbard, Russell (April 5, 2009) "Homewood's Aspen Run apartments snowed under in debt." Birmingham News
External links
- Miles Properties website