Monday, June 14, 2010

Plaza Square Apartments Under New Ownership, Receiving Upgrades


CityView (formerly known as the Plaza Square Apartments), downtown's largest apartment complex, will soon receive a $4 million in upgrades thanks to its new owner, Mills Properties.

Mills, which began managing the 911-unit complex last August and officially took ownership of it in May, has already raised CityView's occupancy rate to 60 percent.  Mills Properties previously managed Plaza Square back in the 90s, achieving an occupancy rate of over 90 percent.  Renovations are already underway - it would be a great accomplishment if Mills can return CityView/Plaza Square to its former glory.

Mills plans on retaining three of the complex's five buildings as rental apartments and will sell the remaining two buildings, which are currently vacant.  After receiving improvements, the two vacant buildings will be listed for $10 million and will be marketed as senior living units.

1 comment:

Mike Brewer said...

Brian

We are excited about getting the renovation started. Laundry rooms and stacks are up first and we will upgrade around that. It just makes sense given the monies we intend to invest in hallway, unit, lobby and office upgrades.

Would love to have you by for some before and after views - drop me an email if you have interest.

Also, we are going to create a co-work space in the thirty building for area bloggers and home business types. I'll keep you posted on that development.