“It’s been mismanaged, disowned for almost 15 years now. That has ended,” Brisben said.
The rental property, which has 672 units, is expected to be ready by the fall.
“The company has told the township they are planning on investing $10 million for the renovation of the entire complex,” said Jack Kuntz, Harrison Township’s Development director.
Brisben’s workers are currently renovating 60 units on the east side of Riverside Drive.
“They are in the process of doing aesthetic improvements at the property, including removing all the Ash Trees along Riverside Drive that have been infested with the Emerald Ash Borer,” Kuntz said. He said the trees are going to be replaced with new landscaping.
Last year, township officials deemed some of the apartment buildings dangerous after the Montgomery County Sheriff’s office received numerous reports about mold, floors caving in and metal scrappers stealing from the buildings. The township was awarded a $125,000 reimbursement grant from the Montgomery County Land Reutilization Corporation to go towards demolishing some of the structures within the complex.
Due to the costs associated with asbestos remediation at the buildings, the township was only able to get one building down prior to Brisben purchasing the property, according to Kuntz.
Brisben secured the dangerous buildings and restricted access to the units, which are presently not part of the first phase of renovations, according to Kuntz.
A new name for the complex has not yet been chosen, according to Brisben.
The rental price range has not been determined for the units, which will have one, two and three bedrooms. However, Brisben said the rates will be higher than the ones under past ownership.
“The community is going to be a top-rate rental community moving forward. Not the mismanaged mess that it’s been for years,” Brisben said.
Australian millionaire Geoffrey Edelsten of Melbourne, who has been described by international media reports as being a former medical entrepreneur, was co-owner of the apartments before the complex was sold to Brisben’s company.
Edelsten filed for bankruptcy in the U.S. Bankruptcy Court in Dayton under the name Barrington Spring House, LLC as a result of a dispute between his former Miami, Fla. business partners Limor, Rafael and Isaac Keith Mawardi.
The bankruptcy case resulted in the tenants being court-ordered to vacate the property in February.
The court also put the property under receivership with local attorney John Paul Rieser and approved the sale to River’s Edge Apartments & Townhomes LLC in Cincinnati.
“Montgomery County received a tax payment of slightly more than $350,000 from the sale proceeds,” said Sarah White, paralegal for Rieser.
At one time, Barrington Spring House, LLC owned four parcels of land, all rental property, in the county, according to county auditor’s records. The properties were located on Riverside Drive and Forest Park and all had delinquent property taxes in February. The combined total for all the parcels was approximately $301,900.
The net proceeds from the sale — after the taxes, delinquent utility bills, various commissions, and closing costs — were slightly over $1 Million, according to White. “The net proceeds are being held in an escrow account pending further order from the bankruptcy court,” she said.
White went on to say that “Brisben is a first-rate businessman when it comes to rehabilitating properties like this, and we wish him and the community success with this project.”
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