I must give myself a small pat on the back for the hours and hours of work that went into putting this deal together. We still have a ways to go with the project, but me and my investor have made a HUGE step in turning this complex around for the best.
From the Business Report
Majority interest in Brandywine Condominiums sold
Wednesday, September 2, 2009
The Brandywine Condominiums have had a great deal of bad press lately with rentals not being paid and units being boarded up. Several months ago, the condominium complex had 16 of its 298 units burned down. Originally, the project on Darryl Drive was designed for apartments, but was converted to condominiums in the 1980s. The units were not separately metered, meaning the condominium dues had to include utilities. But when condominium dues were not paid utilities were cut off in many of the units, causing tremendous controversy and resulting in irate tenants allegedly burning down two of the buildings. Recent closings might end the controversy.
DOX Apartments purchased 152 units on Monday, and intends to purchase another 37 units in the next 30 days. Three agents brokered the property with Keller Williams Red Stick Partners: David Vercher, Tim Houk and Michael Cahill. According to Houk, there were five sellers and two closing attorneys involved. Kevin McCleary of McCollister, McCleary & Fazio closed 78 units, and Jacque Favert at Title Plus closed the remainder of the units.”
Stay tuned for the rest of the story!