The Federal Reserve’s new communication strategy was supposed to make it easier to decipher the intentions of the famously secretive institution. Markets, however, seem to have missed the memo.August investments on Summit City’s southeast side have boosters upbeat.
On Friday, ETNJ Properties of Fort Wayne began renovating Anthony Wayne Apartments, which the company purchased for $172,000 earlier in the week. Co-owner Paul Eisaman Jr. plans on spending at least $500,000 to convert the complex at 4330 S. Anthony Blvd. into senior and family housing with one- and three-bedrooms.
The mostly vacant 61-year-old facility has 52 units and will require new windows, roofing, plumbing, painting and other improvements. It has endured copper thefts and other vandalism. Renovations could wrap up in three months.
Rent could be $500 to $650.
About two weeks ago, another company, Coral Capital II of Florida, purchased Prestwick Square Apartments at 502 Prestwick Square Drive for an undisclosed sum. Occupancy is near 70 percent. The 100-unit complex was built 1994 and probably will receive less extensive renovations to “make it a really nice place for families to live,” said manager Peter Pawlyszyn, who could not provide rent ranges. “They plan on doing the right thing.”
And about the time Coral Capital was closing its transaction, the city of Fort Wayne announced a deal to eventually cede ownership of the Public Safety Academy of Northeast Indiana to Ivy Tech. Leaders touted the plan as a way to improve finances, expand educational access and enhance development on the city’s south side.
“I’d like to believe that what’s going on around the southeast side” is for the betterment of the community, said businessman Ted Williams Jr., who owns a McDonald’s restaurant. “There’s a good customer base in that area.
Eisaman said he believes in the south side.
“The apartments have become an eyesore and we want to clean them up,” Eisaman said. “I own 100 rental houses mostly in that area, so this is what I do.”
