New ownership focused on profit margins
From:
-Anonymous-
Date posted:
11/13/2006
Years at this apartment:
2005
-
2006
Apartments were rented for above the market value to begin with and now the new owners plan to increase the rent about 10% per year and possibly more for new tenants. They also gave little notice and jacked up the parking fees considerably when they took ownership, forcing many great tenants out. The apartments are nice enough, but they are often very noisy given the busy neighboring streets (Bellevue, Pine, and Denny). Worse yet, given that this building will surely convert to condos in due time, it is only contributing to the luxury condo invasion of Capitol Hill that promises to ruin the great character and charm of the neighborhood (no kidding, some quintessentially Capitol Hill bars located nearby on Pine are slotted to be taken over by condos soon, as reported in the Stranger).
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