A longtime apartment complex fixture on Castle Court in Montrose is in its last days.
Anonymous flyers were recently distributed to the front doors of a 1970s apartment complex on Castle Court warning tenants of plans to demolish the property next year. Maria Vergara, office manager of The Place Apartment Homes and a employee of Greystar, the company which took over management of the complex, confirms to CultureMap that the property is set to be demolished.
Vergara attributes the impending demolition to a failed building inspection, but says the demolition date is currently unknown.
Many of the residents of The Place are elderly and on fixed incomes, with some of them having lived at the complex for 15 to 20 years.
Greystar, a Houston-based property management company specializing in multi-family real estate, took over management of the 1341 Castle Court property, The Place Apartment Homes, in late October.
The unsigned anonymous flyers, which begin with "TENANTS BEWARE," were clearly not from the management company or the property's owner. The flyer claims that "the new apartment management company has sent out eviction notices to tenants who are just one day late (from the grace period) paying their rent," according to a Swamplot report. The notice also says that the property is to be demolished and that tenants will be required to vacate by the end of April.
"We recommend ensuring your rent is payed [sic] on time and carefully reading any addendum to a current leasing agreement that is presented by the new management," reads the flyer. "The purpose of this notice is to inform tenants of recent developments, hopefully allowing tenants to protect themselves."
CultureMap contacted Greystar's corporate office which sent back this statement: “The current residents of The Place Apartments have been informed that the community is in the process of being leased down for future redevelopment. The assertion that has been made that we intend to evict residents, is simply not true. We will continue honor the residents’ remaining lease terms and are also allowing them to renew their lease through April 30, 2014.
"We want our residents to enjoy their stay at The Place Apartments and have made recent improvements to the community and will continue to professionally manage and maintain the property throughout the lease down period.”
Once the closing date is finalized, tenants will be given notice 60 to 90 days before they need to vacate the complex, Vergara said.
Vergara notes that many of the residents of The Place are elderly and on fixed incomes, with some of them having lived at the complex for 15 to 20 years. She said this led Greystar to refer tenants to their nearby properties that are in a relatively similar price range. The five-story mid-rise complex that Vergara says will replace the current apartments on Castle Court — the project is already indicated on Greystar's website — will likely not be the former residents' next home as the company is known for building expensive luxury apartments.
According to Apartment Ratings, users reported an average rent of $806 for a one bedroom at The Place, and of the 15 Greystar apartment complexes within five miles of The Place, only three reportedly offer one bedroom apartments for less than $1,100.