Tri-Town News, on September 28th, 2011, by BY Andrew Martins
The ownership of a 31-building apartment complex changed hands last month when the Regency Club Apartments on South New Prospect Road, Jackson, was purchased for $44 million.
The apartment complex is now known as Gaia Regency. The deal closed on Aug. 3 and involved Gaia Real Estate Holdings, New York City, Phoenix Realty Group, New York City, and Harel Insurance Investments and Financial Services, Ramat Gan, Israel.
“We usually purchase property where we can walk in, renovate and upgrade,” Gaia Real Estate regional manager Raviv Turner said. “We plan to renovate our clubhouse, bring new equipment to the gym and improve the party space for the benefit of our tenants.”
An estimated $2 million in proposed improvements to the apartment complex is under way. Repairs to roofs, basements, apartments and the complex’s amenities are planned.
Turner said a new playground, extra basement storage space and upgrades to the pool, tennis court and fitness center are also in order.
Changes to the way the 372 apartments are rented are also planned, as a new tierbased structure will be used.
“[Tiered pricing] gives us flexibility in marketing, and this way we can appeal to more groups of tenants,” Turner said. “We find that we will appeal to a broader demographic in that sense.”
With “plus” and “premium” apartments, the difference will be in the styling and types of amenities found in either tier, with the “premium” apartments featuring cherry cabinets and a different styling.
Currently, rent for the 800-square-foot apartments ranges from about $1,050 a month for a one-bedroom unit to about $1,320 a month for a two-bedroom unit.
Residents who live at the apartment complex now will be able to choose what tier they want to be part of when they renew their lease. Those who opt to go to the higher tier can expect a rent increase of between $45 and $95 a month depending on the features and layout selected.
In an effort to attract new tenants, Turner said the first and last months of a 13-month lease will be free.
“We believe that everything will be to [the renters’] benefit,” Turner said. “We are going to provide better customer service and better amenities.”
