West Bay Apartments

West Bay Redevelopment Story

At the request of American Express Financial Corporation, Vesta replaced the general partner of the owner/developer of West Bay Apartments. 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 was not being maintained, 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 caught up on property maintenance, instituting procedures for upkeep and repairs.

As West Bay was approaching 90% occupancy, AMEX decided to sell its bonds. A Vesta entity purchased the bonds. Upon stabilization the bonds were refunded and sold in the marketplace. Additionally the remaining tax credits were sold.

For Rental Information

4711 Bay Run Dr.
Columbus, OH 43228
Tel. 614.351.1940
rentals@vestacorp.com

For More Property Information