Athens Messenger – Improvements scheduled at Athens apartment buildings

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Athens Messenger

Improvements scheduled at Athens apartment buildings

Posted: Thursday, July 12, 2012 5:50 pm | Updated: 4:26 pm, Tue Jul 17, 2012.

By STEVE ROBB Messenger staff journalist

Tenants of two student apartment complexes will be able to swim up to the bar for a drink once upgrades planned by the new owner are complete.

As The Messenger reported Thursday, Columbus Pacific Properties of Santa Monica, Calif., has purchased the Riverpark Towers, River’s Edge and Athens Apartments for nearly $40 million. The primarily student housing properties will be managed by Homestead America of Columbus.

Laura Formica, spokeswoman for Homestead, said the plan is to treat Riverpark Towers and River’s Edge, which are adjacent to one another, as one complex and to make about $500,000 worth of improvements — including construction of a pool with a swim bar.

“It’s really going to be treated as one community,” she said.

Upgrades also will be made to the fitness center, corridors, leasing office, laundry facilities and computer center, giving the center a “coffee house feel,” said Formica, who is an Ohio University graduate.

“We recognize there is great potential for the property,” she said, adding that the goal is to create something “real cool and modern.”

No physical changes are planned for Athens Apartments.

Asked if rental rates will be increased, Formica said no immediate increase is planned. However, she said rates will be consistent with the market, which is seeing slight increases.

Homestead America also manages University Village — also owned by Columbus Pacific Properties — near the Ohio State University campus.

The Athens properties were sold by companies affiliated with Klingbeil Capital Management. Klingbeil built River’s Edge, but had purchased Riverpark Towers and Athens Apartments.

Klingbeil President James Callard said an investment fund was created for the Athens assets, with the money invested for a specific number of years. The life of the fund had come to an end, and a distribution was owed the investors, he said.

“It was just time,” Callard said when asked the reason for the sale.

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