Apartment tenants can begin moving in next month

Published Thursday, March 20, 2008

By Brandon Evans

An abandoned and incomplete apartment complex looks to have changed its luck.

For more than one year, Crestview Apartments, located on Eagle Drive in Decatur, stood at 90 percent complete. The elements slowly faded the fresh materials, and the complex deteriorated into an eyesore.

The original developer, Craig Irwin of Denton, became embroiled in a lawsuit with a contractor and a mortgage company and the project came to a lingering standstill. But last September, VLMC, Inc., a Fort Worth real estate and mobile home company, bought the note on the property for $1.3 million.

They immediately started bringing the complex back to life.

"We are redoing everything out there," said Michelle Adams, property manager for the complex. "We will soon have 128 apartments ready once phase one is complete."

The luck of the Irish can't hurt either. The complex began pre-leasing apartments on Monday, March 17, St. Patrick's Day. Future tenants can begin moving-in in April.

The complex will feature one, two and three bedroom apartments with rent ranging from $660 to $880 per month.

"I've been getting about 15 to 20 calls per day from people interested in an apartment and wanting to get on a waiting list," Adams said. "I expect a very large number of people wanting to get an apartment."

Before undergoing the project, the company researched the need for rental apartments in the area.

"We discovered a need," Adams said. "There haven't been a set of apartments built in this area since the 1980s."

Phase 1 of the project involves renovating and completing the original 12 two-story buildings. Additional phases might include purchasing adjacent property and adding even more apartments to the complex.

"I am very excited," Adams said. "This will be my first brand new complex to manage. I will be an on-site manager."