Canterbury Green Apartments bought for $85.5M

File photo. Canterbury Green Apartments on Woodshire Drive.

FORT WAYNE, Ind. (WANE) – A real estate investment company has purchased the Canterbury Green Apartments and Townhomes in Fort Wayne.

GoldOller Real Estate Investments bought the complex and its 1,988 units for $85.5 million, the company announced Tuesday. The company plans to renovate the clubhouse, provide in-unit upgrades and enhance amenities throughout the complex, according to the release on the sale. The company also plans to have ‘lifestyle resident services’ that will include free fitness classes, team sports, cooking classes and more.

“Returning Canterbury Green to grandeur will certainly be a labor of love for all of us at GoldOller,” said Jeff Goldstein, GoldOller’s President. “Our team, working in tandem with very talented and dedicated site employees, is already hard at work on that objective,” Goldstein said.

Jake Hollinger, chief operating officer of GoldOller said work should begin within the next couple of weeks. “You’ll notice work curbside,” he said. “We’re also having our architect there in the next couple of weeks. We’ll close the clubhouse over the winter and start renovating that.”

Hollinger added that his company will add new appliances and other fixtures to the complex, which will more than likely mean additional costs to tenants.

Canterbury Green residents who spoke with NewsChannel 15 were excited about the news, even if it meant a little more in price, but they wanted to make sure their concerns were addressed.

“Canterbury used to be a nice place,” said Sarah Selzer, who added she would be willing to pay about $30 more per month. “It’s still a nice place but the community isn’t very nice. That’s a lot of crime.”

Hollinger said his company planned to put in a 24-hour security to help reduce crime that spills over from nearby bars.

Alvin Davis has had to deal with maintenance issues at Canterbury Green in recent weeks. He said he would like to see GoldOller put in new appliances, but would rather the new company fix his issue and other issues before putting money into new amenities.

Fort Wayne Councilman Russ Jehl represents the district that of the apartment complex, and is hopeful GoldOller keeps its promise to invest in the complex.

“It really is a cornerstone of that neighborhood,” said Jehl, who represents the city’s second district. “So having good ownership there, especially ones that will continue to invest in it and continue to make it a very positive city landmark is very important. I hope they follow through with that.”

The following is the full report as released by GoldOller Real Estate Investments:

PHILADELPHIA, Sept. 30, 2014 /PRNewswire/ — GoldOller Real Estate Investments announced its acquisition of the Canterbury Green Apartments and Townhomes in Ft. Wayne, Indiana for $85.5 Million from AIMCO Holdings QRS, Inc.  With 1,988 units, Canterbury Green is one of the largest rental communities in the United States.  GoldOller completed the acquisition in a venture with Prospect Capital Corporation (NASDAQ: PSEC, “Prospect”) which provided a majority equity investment through a controlled REIT.

The resort style community spans 195 acres and is located along the St. Joseph River, adjacent to Indiana UniversityPurdue University Fort Wayne (IPFW) in the northern area of Ft. Wayne. Amenities include an 18-hole executive golf course with a 9th hole pub, a three story clubhouse, four outdoor pools, three tennis courts, two racquetball courts, volleyball, and a fitness facility with saunas and tanning beds.

Canterbury Green has been a Ft. Wayne landmark for more than 30 years. According to local legend, the conservationist John Chapman (AKA Johnny Appleseed) is reported to be buried on the property, marked by a stone on the 9th hole of the golf course.

“The property is very unique and although quite large, is more than 95% occupied.  For decades, thousands of Ft. Wayne residents of all ages have chosen Canterbury Green as their home for good reason. It offers more than 40 floor plans, including townhomes, flats and furnished suites. It has the natural beauty of a riverside community with walking and bike trails, a well-manicured professional golf course with wonderful water features, and fabulous lifestyle amenities,” said Richard Oller, GoldOller Chairman and CEO. “We are very excited to be in Ft. Wayne and part of the Canterbury Green community and we intend to invest substantially in it,” Oller said.

According to Jake Hollinger, GoldOller’s Chief Operating Officer, “Canterbury Green represents a continuation of our business strategy.  Buying large scale investments in the Midwest and Southeast that we can invest substantially in has provided value to our residents and high yielding returns for our investors.  Our residents at Canterbury Green can expect complete clubhouse renovations, in-unit upgrades, and amenity enhancements throughout the community.  We will also introduce our GO lifestyle resident services which include complimentary fitness classes, team sports, cooking and nutrition classes, and more opportunities for our residents to fully enjoy their PGA golf course, clubhouse and pub.”

“Returning Canterbury Green to grandeur will certainly be a labor of love for all of us at GoldOller,” said Jeff Goldstein, GoldOller’s President. “Our team, working in tandem with very talented and dedicated site employees, is already hard at work on that objective,” Goldstein said.

GoldOller is a Philadelphia, Pa. based innovative operator of apartment communities in 13 states, primarily in the Midwest and Southeast.  With a growing portfolio of about 30,000 managed units and 10,000 owned and operated units, GoldOller is an emerging leader in the multifamily industry.

 

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