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Regency and Cornerstone getting new look, name
Cleveland developer has purchased the apartment complexes; renovations to be done by April.
Saturday, January 20, 2007
DAYTON — A Cleveland-based development and property management firm, JED Investments, has purchased the Regency and Cornerstone apartment complexes on Central Avenue, near the Dayton Art Institute.
Headed up by Steve Egger and Dan Barton, the firm is undertaking a $1.5 million renovation of the two buildings.
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From new roofs to completely restored apartments and appliances — the renovation is expected to be more than just a face-lift, according to the new owners.
"These two buildings were basically the problems on the street," Egger said. "There's been some work to get out a lot of the criminal activity and prostitution that had been problems in this area. Now that these buildings will be restored we'll be doing criminal background searches, have a key-fob entrance and bumping up the standards."
Located in historic Grafton Hill, the Regency and Cornerstone include 148 one-bedroom and efficiency apartments combined. JED is planning to change the complexes name to Chamberlain Estates to highlight the property's historic estate name.
Valued at more than $2.2 million, the apartment buildings were purchased for $800,000 after their previous owner — Dwight Esch of California — fell into foreclosure, Barton said.
The firm also is considering the purchase of a neighboring abandoned apartment complex with hopes of opening the lot up for new development.
"This area has a lot of flavor," Barton said. "With the art museum and the river, they're just natural good borders around the property."
The firm anticipates the renovation to be complete by April.
Aside from Ohio, the firm owns and manages properties in Michigan, Texas and Pennsylvania.
Contact the reporter at (937) 225-2147
or lbernard@DaytonDailyNews.com.
