At the request of American Express Financial Corporation, Vesta acquired West Bay Apartments, Columbus, Ohio. AMEX owned the tax-exempt bonds for this property, which had been mismanaged by the original developer since its construction in 1996. At the time Vesta took control, occupancy was at approximately 60%, the property had deferred maintenance issues, and had developed a negative reputation, which severely affected marketing. During the first six months of Vesta's ownership and management, Vesta replaced approximately 50% of the existing tenants, built a learning center on-site, and rectified the deferred maintenance items. As West Bay was approaching 90% occupancy, AMEX decided to sell its bonds. A Vesta entity purchased the bonds and resold the remaining tax credits.