Changes are happening at West Isle according to an article in the Key West Citizen newspaper. The current resident managment team of Lori Ugartechea and Penni Kindred have been let go as SunVest Communities USA, which bought the property last year, will renovate the units and sell them as condominiums once a mandatory 20-year deed restriction expires within the next year.

These units have been deed restricted since 1988 and once that expires it is just one less step to condo conversion. That is the word on the island and since West Isle sits on valuable property, it is a logical next step. Key West has seen many units go from hotels to condo-hotels and massive renovation of many structures into sellable condo units as the market changes.

The Citizen article goes on to state "In effect, they're starting to empty the apartment complex," West Isle resident Brad Blair, adding that SunVest told Ugartechea and Kindred that it would start rehabilitating empty apartments to turn them into condos. "SunVest also instructed [Ugartechea] not to order any new or replacement appliances for existing rented apartments but to cannibalize the empty apartments. This ensures that the empty apartments can't and won't be rented."

Just who is SunVest' Here is what the Citizen states:

"The company's Web site describes SunVest as "the nation's premier developer specializing in the repositioning of and conversion of apartments and hotels to condominiums," and lists Birdman as the person to contact about acquisitions. The company is headquartered in Hallandale, Fla., and is an all-cash buyer and accomplishes closing fast.

The list of acquisitions wanted includes: "multifamily rental apartments both hi-rise and garden style," as well as "100-unit plus apartment communities."

Interesting. I wouldn't want to pay higher rents for these affordable units only to have it go condo and end up on the street.

User Responses
From: Anonymous	Date: 11/19/2008
WEST ISLE IS A RUN DOWN APT. COMPLEX OVER PRICEd AND VERY BAD MANAGEMENT. MOSTLY THE LADIE IN THE OFFICE LEIGH WHO HAS NO PEOPLE SKILLS AND IS VERY RUDE. MAKE SURE YOU HOLD ON EVERY RECEIPT FROM ALL TRANSASCTIONS. THEY WILL TRY TO TAKE YOUR MONEY BY SAYING THEY HAVE NO RECORDS. I USED TO WORK THERE BUT HAD TO LEAVE BECAUSE OF THE ILIEGAL THINGS THEY HAVE MY MEN DO. SO THINK TWICE BEFORE YOU MOVE IN TO THIS PLACE. IT IS FULL OF DRUG DEALERS AND MANAGEMENT DOES NOTHING.

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