Looking for a local investment? Have half a million or so dollars to unload?
Check out the advertisement in this week’s classified ads regarding the sale of York Hills I apartments in Morenci.
An open house is scheduled June 30 to view the 24-unit apartment building and bids are due July 13. Bids will be opened in Lansing at the U.S.D.A. Rural Development office.
Only York Hills I is for sale, said Sonya Wyldes, a multi-housing specialist with Rural Development. Morenci’s second York Hills apartment building has a different owner, K&G Prestige.
York Hills I went into foreclosure in July 2007.
“Rural Development is the owner and the federal government is trying to sell off some properties,” Wyldes said.
York Hills I is one of about 30 inventory properties in Michigan owned by Rural Development.
Wyldes said half a dozen companies have expressed an interest in the complex, but if it doesn’t sell, residents should have no worry about the facility closing. The U.S.D.A. will continue to operate the apartments if no sale occurs.
A new owner would be required to continue the existing rent structure for low-income residents. In addition, a loan for the purchase of the apartments must be obtained through the U.S.D.A.