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City buys apartment complex from South Carolina company

If you're living in South Carolina, you know that finding a home isn't as easy as it seems. You need to discuss the location, construction issues and even land deeds. In a recent residential real estate news report from April 9, the City of Tupelo, Mississippi, decided to purchase an apartment complex owned by the South Carolina-based Southeastern Development Group. The apartment complex is currently home to around 40 tenants.

Azalea Gardens, the apartment complex, was purchased by the city with a budget of up to $2.15 million. The 7.8-acre property was previously a low-income apartment unit, and it was purchased by the South Carolina-based company during a bankruptcy settlement. Now, Tupelo will settle shortly and own the apartments, which will likely be part of a program for the improvement and revitalization of the neighborhood.

The city voted 5 to 1 to purchase the property. The councilman who opposed to purchase argued that buying the 220-unit apartment complex and land was a bad move. He claimed that the city shouldn't be buying properties in areas where crime was or is rampant, because it's an unaffordable approach. He also argued that there is no plan for the property, which is a problem.

However, despite the lack of current clarity, the Tupelo city planner has said that future plans could include the Neighborhood Development Corporation, who would then help with the day-to-day issues related to the West Jackson redevelopment project, which Azalea Gardens is now a part. Two council members didn't attend the meeting during the vote, but the mayor reported that, while he doesn't usually support spending taxes on real estate, he won't be vetoing the decision of the council. So, it looks like at least this apartment complex will be getting a makeover with the rest of the city in the redevelopment process.

There are many legal considerations when conducting real estate transactions. An experienced team of legal advisors can help ensure that an individual's or entity's interests are protected during such activities as buying or selling property.

Source: DJournal.com, "Tupelo to pay $2.15M for apartments" Robbie Ward, Apr. 09, 2014

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