Pappas Realty Co... "Commercial Real Estate...Exclusively" in Northeast Ohio since 1957

Tuesday, April 25, 2006

Highland Towers deal closes at $2.4 million

Highland Towers deal closes at $2.4 million

New manager plans to redo lobby, halls, reduce vacancy rate
By Betty Lin-Fisher
Beacon Journal business writer

The Highland Towers has a new owner.
The nine-story, 94-unit apartment building at 900 W. Market St. in the Highland Square area of Akron has been sold to developer Thomas J. Dillon for $2.4 million.
Frances Dillon Kline, general manager of Executive Properties and Dillon's daughter, will manage the property. Dillon is president of the company, which owns five other apartment complexes in the Akron area.

The Highland Towers is the first building Dillon has purchased rather than built, Kline said.
``It's a very well-built building, and it has a lot of potential,'' Kline said. ``I love this area (Highland Square).''

Among Kline's immediate plans are to get the building's relatively high 25 percent vacancy rate down.
Kline said she's not sure why the rate is so high but said the rental market seems to be good at the company's other buildings.

She plans to redecorate the building's lobby and hallways.
``I'm trying to pick some colors and things that go with what I consider Highland Square -- hip, but not too far out,'' she said.

Dillon purchased the building from a group of local investors, called 900 W. Market Associates, headed by Tom Merryweather, said Pete Pappas, chief executive officer of Pappas Realty of Akron, which handled the sale.
The deal closed Friday.

In 2004, the Akron Metropolitan Housing Authority expressed some interest in purchasing the apartments for senior housing, but that deal did not go through, Pappas said.
AMHA Executive Director Tony O'Leary was unavailable for comment.


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