West Bay Apartments Jobs in Ohio

Company:
West Bay Apartments
Current Opportunities (0)
Company Website
Location(s):
4711 Bay Run Drive
Columbus,  OH
43228
Map Location
Phone:
(614) 351-1940
Industry:
Real Estate
Size:
2-5

Company Overview

Vesta Corporation finances, develops, and manages affordable housing. Building on the experience gained by its principals in business together since 1981, Vesta knows how to meet the needs of clients, lenders, investors, and residents.

At the request of American Express Financial Corporation, Vesta acquired West Bay Apartments, Columbus, Ohio. AMEX owned the tax-exempt bonds for this property, which had been mismanaged by the original developer since its construction in 1996. At the time Vesta took control, occupancy was at approximately 60%, the property had deferred maintenance issues, and had developed a negative reputation, which severely affected marketing. During the first six months of Vesta's ownership and management, Vesta replaced approximately 50% of the existing tenants, built a learning center on-site, and rectified the deferred maintenance items. As West Bay was approaching 90% occupancy, AMEX decided to sell its bonds. A Vesta entity purchased the bonds and resold the remaining tax credits.

Vesta's Managing Directors, Steve Erie and Arthur Greenblatt, started in business together in 1981. Initially the focus of their business was tax-exempt bond financing tailored to meet the needs of a particular development or community. Their business expanded to fill the needs of their clients to include private placement equity syndication, and ultimately the complete development process.

As the affordable housing business changed their business evolved with it to include new technologies and to adjust to changes in longstanding programs.

Vesta's people continue to meet the challenges of dramatic change characteristic of our industry. Vesta seizes the opportunities provided by change and controls its danger.

Vesta is committed to affordable housing in communities across the country. Vesta's principals have closed financings totaling $500 million, for the development and finance of more than 15,000 housing units in 11 states. We invite you to participate in our future success.