To Whom It May Concern:

Towne Park Apartments in Troy, Ohio were just recently sold. Please see the below newspaper clipping from Troy Daily News. My wife's parents lived there for a short period of time. They signed up for a rather long term Lease but left the apartment only after a few months due to several factors. They were inticed by Towne Park with several free months rent providing they fullfilled the long term Lease.

We just want potential renters to realize there is a reason why Towne Park Apartments is giving away several months free rent. The reason is that Towne Park Apartments were constructed in a very poor manner. My wife's parents had leaking around the windows when it rained. The most unbearable problem was that the noise transfer between units was as if there was not any insulation put in the walls during the construction of the apartments. You could hear the neighbors in adjacent apartments as if they were in your own apartment - No Privacy!

We would suggest that you definitely catch a current renter coming out of their apartment and ask them about all the problems at Towne Park Apartments before being inticed by all the "Free Rent" or if you don't believe the article in the Troy Daily News. The City of Troy, Ohio fought the builders of Towne Park for many, many defects in construction as compared to what the Developer promised the City of Troy Towne Park would be when finished.

We would not suggest Towne Park Apartments to anyone looking for a good quality apartment in Troy, Ohio.


Sincerely,
Dan Thompson


T R O Y D A I L Y N E W S

Towne Park Apartment complex sold

National firm
takes over
management
BY RON OSBURN
Staff Writer
[email protected]

The Towne Park Apartments, the subject of intense Troy City Council scrutiny this summer for making unapproved changes to its building plans, has been sold, according to a letter delivered to residents last week ..

The letter said the former owner, Indianapolis-based SC Bodner Company Inc., sold the property effective Oct. 11, and the apartments are now under the management of the Texas-based Lincoln Property Co., which has a regional office in, Oak Brook, 'Ill. The letter, said rents would remain the same and leasing terms would be unaffected by the sale. ' The letter also said only checks and money orders would be accepted for rent payments. Credit cards will no longer be accepted for rent payments", the letter said.

SC Bodner president Steve Bodner was unavailable until Thursday, his office assistant said,Tuesday. The on-site manager of the 204-unit apartment complex on Towne Park Drive, off Experiment Farm Road in west Troy, declined comment Tuesday until she could get clearance from her manager.

Mike Biggs, regional vice-president of the Lincoln Property Co., said Lincoln is the new managing agent, but not the new owner.

A deed recorded last week at the Miami County Recorder's office says the new owner is Towne Park TIC, LLC, a wholly owned subsidiary of Wisconsin based Eliason 1031 Properties Corp., based in St. Germain, Wis. President David Eliason was out of
the office until Thursday, said a person who answered his office phone Tuesday.

As of Tuesday afternoon, Towne Park Apartments was still listed as the featured property on the SC, Bodner Co. Web site.

Towne Park Apartments was billed as an "upscale" complex and approved by city council in 2002 as a planned development, meaning any changes to 'the original design needed previous approval from council.

But a January city planning department inspection revealed 16 variations to what was promised on the building plans, including using vinyl instead of woodfascia and railings and substituting asphalt shingles for painted copper over entryways.

Council said 14 of the 16 changes were variations made from what was specified on the building plans and did not have prior council approval, as required in a PD. Two changes were deemed to be OK due to a prior city staff mix-up.

Bodner, a third generation residential developer, acknowledged he made the changes without prior approval. He apologized to council members July 28 during an on-site tour of the 12 acre, 9 building complex, saying "I misunderstood how to go through the (Troy PD) process."

Council approved the revised planned development Aug. 7. In exchange for approval, Bodner made a verbal commitment to make improvements to the exterior of the buildings, provide supplementary recreational amenities and follow through
with additional landscaping, including planting 30 pine trees along the south side of the complex.

City planning director Mark Cundiff confirmed he made an on-site follow-up inspection Tuesday to make sure Bodner had made the promised changes.

Cundiff said he approved the last two of 14 items that were still an issue - repainting the fascia boards and planting additional trees along the south side of the site.

"Based on my inspection today, I would say (the' apartments) are in compliance with the (PD)," Cundiff said.

Opinions by residents about the quality of complex are varied. David Joan, a current resident who moved into Towne Park in April 2005 and was the complex's first official resident, said he appreciated the "luxurious touches" such as higher ceilings, extra doors and high end appliances.

"It's a good place to live," Joan said.

But Amy and Derek Green, who moved in last July 4th weekend, said they've' been constantly beset by problems, such as pest infestation, heavy leaking around the windows when it rains, and sounds and odors traveling easily through doors and walls. They pay $765 a month for a two-bedroom apartment, he said.

Derek Green said his father was a real estate developer and he is chief deputy of real estate for the auditor's office in an
adjoining county.

"So I know a little about construction. This is by no means a luxury apartment," Derek Green said. "As soon as I find a house, we're out of here."

The property had been listed for sale for $16 million on the commercial real estate Web site www.loopnet.com since at least early this year.

City staff had informed council members the property was listed for sale. So the sale announcement came as no surprise
to council representatives Shirley Saxton and Ted Mercer, who oversaw negotiations with Bodner as members of council's law and ordinance committee.

"I didn't know (it had been sold). Maybe that's good. If someone else bought it, it means someone thinks it has value," Mercer said Tuesday.

Saxton agreed. "You know when some of these real estate companies come in, they're going to build them and then
sell them. That's the trend of the day," she said.

-- end Troy Daily News Article --