The Park at Buckingham Apartments: Difference between revisions
No edit summary |
No edit summary |
||
| Line 1: | Line 1: | ||
''' | '''Highland Peak Apartments''' (originally '''Ski Lodge Apartments''', later '''Aspen Ridge Apartments''') is a 585-unit apartment complex built in [[1972]] off of [[West Valley Avenue]] in [[Homewood]]. It was the first of three Ski Lodge apartment communities constructed. | ||
The three communities have a total of 1,840 one-, two- and three-bedroom units, currently renting for around $400 - $800 a month. | 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 | 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 were raised by $50 or more, with discounts for full-time students. The complex was to then given its current name. | ||
In [[2009]] [[Wachovia Bank]] sued Miles Properties for defaulting on a $57 million loan for renovations to multiple properties. The suit claims that Miles | In [[2009]] [[Wachovia Bank]] sued Miles Properties for defaulting on a $57 million loan for renovations to multiple properties. The suit claims that Miles withheld payments, wrongly took 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 have deteriorated 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, but the property remained in foreclosure. In August [[2010]] the [[Homewood City Council]] voted to submit a bid to purchase the complex for future redevelopment. | 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, but the property remained in foreclosure. In August [[2010]] the [[Homewood City Council]] voted to submit a bid to purchase the complex for future redevelopment. | ||
In November [[2010]], Wells Fargo, successor to Wachovia, sold the three complexes to [[Abbey Residential]]. | |||
== See also == | == See also == | ||
* [[ | * [[Highland Bluff Apartments]] | ||
* [[ | * [[Highland View Apartments]] | ||
==References== | ==References== | ||
| Line 17: | Line 19: | ||
* Hubbard, Russell (April 5, 2009) "Homewood's Aspen Run apartments snowed under in debt." ''Birmingham News'' | * Hubbard, Russell (April 5, 2009) "Homewood's Aspen Run apartments snowed under in debt." ''Birmingham News'' | ||
* Singleton, William C. III (August 17, 2010) "Homewood City Council votes to bid on purchase of apartment complex." ''Birmingham News'' | * Singleton, William C. III (August 17, 2010) "Homewood City Council votes to bid on purchase of apartment complex." ''Birmingham News'' | ||
* Hubbard, Russell (November 21, 2010) "3 apartment complexes sold in one big real estate deal." ''Birmingham News'' | |||
==External links== | ==External links== | ||
Revision as of 12:13, 21 November 2010
Highland Peak Apartments (originally Ski Lodge Apartments, later Aspen Ridge Apartments) is a 585-unit apartment complex built in 1972 off of West Valley Avenue in Homewood. It was the first of three Ski Lodge apartment communities constructed.
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 were raised by $50 or more, with discounts for full-time students. The complex was to then given its current name.
In 2009 Wachovia Bank sued Miles Properties for defaulting on a $57 million loan for renovations to multiple properties. The suit claims that Miles withheld payments, wrongly took 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 have deteriorated 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, but the property remained in foreclosure. In August 2010 the Homewood City Council voted to submit a bid to purchase the complex for future redevelopment.
In November 2010, Wells Fargo, successor to Wachovia, sold the three complexes to Abbey Residential.
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
- Singleton, William C. III (August 17, 2010) "Homewood City Council votes to bid on purchase of apartment complex." Birmingham News
- Hubbard, Russell (November 21, 2010) "3 apartment complexes sold in one big real estate deal." Birmingham News
External links
- Miles Properties website