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Built in 1968 and purchased in 1997, The Regency was a challenging “turnaround” project for the Company. The property contains one hundred and fifty one apartments and resembled a war zone at time of closing with major drug, gang and criminal activity, vandalism, graffiti, prostitution, destroyed common areas, deplorable apartments and sixty percent vacancy.
With the complex completely out of control, all apartments were emptied, renovated, repositioned and released as an “Age 55 and Older” property. Stabilization took two and a half years. New amenities include a Community Center, a Large Print Library, Movie Room, Dance Hall and Community Kitchen. The Regency averaged 99% occupancy with very quiet residents for the past six years. The property was sold in 2006. |
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