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.