With the approval of the City of Ypsilanti, the owners of Arbor One will transition to a new property management company to restore remaining condemned apartment units at the facility.
Stewart Beal of Beal Real Estate says he completed renovations on three of 19 buildings in the City of Ypsilanti. He says a total of 250 apartments have been brought to market, including 156 townhomes in the township.
Beal says the current owners ran out of funds and are bringing in a new investor. RAM Partners will assume day-to-day management and restore the remaining condemned units.
“That's certainly the plan. Everyone involved, including the real estate RAM, the current owners, the new investor from California, the city, you know, everyone's on the same page. We need to continue to get this project complete.”
Headquartered in Atlanta, RAM oversees 85,000 properties. Beal admits litigation with the city has been fierce, saying he has passed more than 500 inspections to get units up to code.
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