Woodland Arms & Village Square Apartments

[Grundyke]

Both the Woodland Arms and Village Square apartment communities are bank owned properties. I know a very reputable gentleman that owns properties and he and a partner are looking to purchase these two and are mostly going to close within the next two weeks. I will leave their names out of it since nothing is final yet. He knows there are problem tenants, vacancies due to needed repair, and safety concerns due to non-working gates and obvious managment issues. He owns and runs properties in other areas but foresees certain properties in Detroit as good turnarounds due to the REO prices. I know he will follow through, although nothing is completely fixed overnight. Just for my own curiosities, do people here think this is viable, meaning, if he does make a differance, do you think the current tenants and future tenants will make an effort to keep a clean safe environment? He will bring in courteous professional management and complet repairs. He expressed to me that this is a serious project for him as he was born in Detroit and has done business here his whole life. If these two projects work out good for him [[obviously he will need to make money) and gets support after he makes changes, he would like to purchase other properties in Detroit and make some safe, clean communities. Do you think he is wasting his time [[he does not) or can he be succesful? Sorry for the long post but I just thought since he is succesful in other areas and did not need to do anything Detroit that it was nice that he wants to make a differance.