| In
1996, Mr. Bennett and his partners acquired 100 acres
in a prime location in Auburn, Alabama, where they
planned a mixed-use development now known as “Central
Park.” Central Park includes light commercial
businesses, professional offices, a lake, and “The
Residences.” This unique residential area was
designed for young families and professionals looking
for a high quality rental neighborhood close to shopping,
services and easy access to good schools and jobs.
We envisioned keeping half the units as personal investments,
and selling the remaining units to other investors,
or to those who might want to both own and occupy
them.
The community is a subdivision
with duplex, triplex and multiunit town homes built
in clusters with rear alleyways and covered parking.
When complete, it will total 100 units: the first
phase, completed in 1997, consisted of 35 units;
the second phase, completed in 1998, included 26
units; and the final phase, now nearing completion,
includes 39 units, a clubhouse and a pool.
The
Residences has been highly successful, not only
because it is well located and well designed, but
because all units are under common professional
management. All owners, whether investors or residents,
belong to the Owner’s Association, and pay
fees to ensure consistent upkeep and management.
As a result, these units have appreciated strongly,
and the community has maintained its unique attractiveness
with rents at the top of the market. |
|
