Royal Mall Apartments

Royal Mall Redevelopment Story

Vesta acquired Royal Mall Apartments in August 2007. The major systems at the property had not been upgraded since it was constructed in the early 1970s. The property also had a reputation of being a safe haven for drug crimes.

Vesta undertook an extensive rehabilitation effort to address the physical needs and improve the property for the benefit of the residents. Vesta instituted management processes to improve the operating efficiency of the property. Physical renovations included: the installation of new, pitched roofs; installation of new, energy efficient windows and HVAC systems; replacement of all exterior siding; addition of new insulation to attics, exterior walls and floors; and, replacement of all appliances, kitchen cabinets, bathroom vanities and fixtures.

The Financing

The financing for rehabilitation came from: an $8.3 million FHA-insured first mortgage funded by tax-exempt bonds; more than $5.4 million in equity from the sale of Low Income Housing Tax Credits; a $350,000 HDAP loan from OHFA; $1.2 million series B bonds; and, more than $1.8 million from various sources.

The Result

Construction was completed in October 2008, nearly five months ahead of schedule. The renovations vastly improved the curb appeal of the property, and the green improvements contributed to a reduction in utility costs of nearly 30%. These improvements combined with Vesta Management’s strict tenant selection process and coordination with the City of Niles Police Department, have improved the quality of life at the property and the image of the property in the surrounding neighborhood. Royal Mall Apartments is now a desirable address in Trumbull County.

For Rental Information

213 Royal Mall Dr.
Niles OH 44446
Tel. 330.652.3658
rentals@vestacorp.com

For More Property Information

245 Hopmeadow Street,
Weatogue, CT 06089
860.408.5400
info@vestacorp.com