Fairway Forest Apartments to get major improvements
Owner pays $4.7 million for Coeur d'Alene complex, plans upgrade, name change
David ColeJanuary 28th, 2010
The 108-unit Fairway Forest Apartments complex, in Coeur d'Alene, has been purchased by investors in California for $4.7 million, and that ownership group plans to spend $1 million rehabilitating the property.
Glenn Sather, apartment broker for Coldwell Banker Schneidmiller Realty, of Coeur d'Alene, who listed and sold the property, says the major rehabilitation work at the complex will include new windows, roofing, paint, flooring, appliances, garage doors, and landscaping.
The three-level complex is located at 4686 W. Fairway, near the Coeur d'Alene Public Golf Club, and The Salvation Army Ray & Joan Kroc Corps Community Center.
The new owner is Fairway Drive Apartments LLC, established in Delaware, though the investors live in California, Sather says. The new owner also owns other properties in the Coeur d'Alene-Post Falls area, he says.
The seller was a group of investors from California, operating under the name Fairway Forest Apartments LLC, he says. The sale closed late last year, he says.
The six apartment buildings in the complex, each with 18 units, will get new roofing, Sather says. The garage structures, with 85 spaces, will be reroofed, and new garage doors, with automatic openers, will be hung on the garages. The parking area will be resurfaced.
The apartment buildings will be repainted, and the interiors will be improved. About 60 percent to 70 percent of the units need new appliances, carpeting, and other major improvements, he says.
Landscaping work already is under way, along with some interior work, he says.
The swimming pool also will be renovated. The work is being hired out to multiple contractors, Sather says. The major portion of the remodel work will start in the spring.
He says that the place had acquired a reputation for being neglected, and about 45 units were vacant at the complex when the sale was closed.
"The property was extremely distressed," Sather says. "It was stigmatized."
Sather says the complex is likely to get a new name as part of the transformation.