The property went for $1,600,500 according to Montgomery County auditor records. Back real estate taxes owed were $671,251, of which about $130,000 was a water bill owed to the city of Trotwood.
The property was in receivership after being owned by the Trinity Foundation of Texas since 1998.
“We’ve been paid; the property taxes have been paid,” said Trotwood city manager Mike Lucking. “That in itself is a good story.”
Lucking also said he believes the ownership to be well-capitalized and he has seen success with Towne Properties management.
“Their philosophy is one of buying and holding rather than buying and flipping it,” Lucking said. “Those are all good things.”
According to Chiarella, Towne Properties manages about 3,000 apartment units in the Dayton area, including the 229-unit Daytona Village in Harrison Twp., which a spokesperson said went to 92 percent occupancy from 50 percent since Towne Properties took over last October.
Renovations have already begun on the Squirrel Run property, which needs inside as well as outside work. Towne Properties also wants to reopen the centralized clubhouse, which for years has been relegated to storage space, and is considering installing an outdoor swimming pool, a fitness trail, play area, picnic area and grills.
“We want a nice destination to call home,” Chiarella said.
While new rental rates have yet to be determined, Chiarella said, “they will be affordable. We’re not looking to price ourselves out of the market.”
Current rentals of 1, 2 and 3 bedrooms units run from $469 to $649. The complex used to accept Section 8 (subsidized) rentals, but not now.
Complete renovation should take one to two years.
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