Barnes & Barnes Apartment Rental purchases apartment complex in Ypsilanti Township
Ypsilanti-based Barnes & Barnes Apartment Rental recently purchased an apartment complex located at 1100 W. Michigan Ave., formerly owned by the Washtenaw Affordable Housing Corporation.
The 43-unit, 35,235-square-foot apartment building had an asking price of $650,000, according to a property listing.
The price reflects a $50,000 credit for vacancies and $100,000 for needed repairs, according to the listing. The building has a 65 percent occupancy rate.
The assessed value was $408,351, according to Ypsilanti Township records. That represents an estimated market price of $816,702.
Listing agent Dave Hamilton of Swisher Commercial said Bob Barnes of Barnes & Barnes Apartment Rental will be a great owner of the complex.
“He’ll be a very good owner for the property and will do well for the city,” Hamilton said. “They take really good care of their properties.”
The building was previously owned by the Washtenaw Affordable Housing Corporation and was contracted out to Avalon Housing.
Michael Appel, associate director of Avalon Housing, said it could not secure subsidies from the Michigan State Housing Development Authority to address the problems at the property.
“There was a fair amount of deferred maintenance,” Appel said. “The Washtenaw Affordable Housing Corporation did not have adequate money to keep up with needed repairs.”
Comments
Edward R Murrow's Ghost
Thu, Jun 9, 2011 : 9:08 p.m.
Gee. I guess A2.com didn't like my analogy? CI wrote: "Ask about the history of the low income complex at I94 and Huron in Ypsilanti, and see if the pattern I have described does not hold true." Yes, because it MIGHT have been true ONCE makes it a universal truth ALWAYS. Yeah, that makes sense. Good Night and Good Luck
Chase Ingersoll
Thu, Jun 9, 2011 : 1:18 p.m.
Frequently, "non-profit corporations" are really about "profit" in the form of wages and benefits for the directors and insiders who receive employment. Often the insiders who receive employment as "maintenance" managers of these "non-profit" management companies, have little or none of the qualifications that would be required to attain such a position at a professional management company such as Barnes and Barnes, or McKinley. Further, in my personal observation, the non-profit managers and maintenance personnel just move at half the speed of their privately employed counterparts. Even worse, in the "non-profit" management model, fraternization between the directors, managers and low income "clients" who live on the property occurs more often than not. I was involved in the industry a decade ago, and it was no joke among those of us in the industry that when a "low income" complex went into foreclosure, you could trace it back to the first in a series of property managers who started receiving crack from one of the tenants. Ask about the history of the low income complex at I94 and Huron in Ypsilanti, and see if the pattern I have described does not hold true.
lefty48197
Thu, Jun 9, 2011 : 12:27 a.m.
Avalon Housing is a non profit corporation that owns and maintains housing for people who need help. They rely on grants from groups like HUD in order to operate their business. There's nothing wrong or scandalous about that. They're doing God's work.
Davidian
Thu, Jun 9, 2011 : 12:14 a.m.
A long time ago, and for several years, I rented an apartment from Mr. Barnes in Ypsi. The apartment looked reasonably good inside and out, it was clean, the house was maintained, and Mr. Barnes was all business. Wasn't exactly a friendly guy but I never had a problem with him. I hope that he continues to be a good businessman and keep bringing up property values around Ypsi.
xmo
Wed, Jun 8, 2011 : 10:11 p.m.
What a business model this was: Washtenaw Affordable Housing Corporation contracted out to Avalon Housing who needed subsidies from the Michigan State Housing Development Authority in order to have adequate money to keep up with needed repairs. Sounds like a scandal if someone would investigate!