Drever tells GlobeSt.com that he looks for financiallydistressed or physically unappealing properties in good locations.The Westchase Forest complex is a classic case of the "worstlooking property on the best street," he says. Thus, a $1.2-millionrehab, inside and out, is on the drawing boards for thethree-year-old complex.

Drever says the aim of the enhancements is not to increase rent,but to keep the complex up to par while waiting out the economicrecovery. "We don't expect great things initially," he says, "butif you don't improve, things tend to go south."

Exterior changes will include stone pavers and landscaping. Theclub house and fitness center will be expanded and a media roomadded. Interiors will get granite countertops, new lightingfixtures, crown molding and ceramic tile kitchen floors andfoyers.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.