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Mills Properties recently expanded its’ portfolio in Columbia Missouri. We currently manage two properties in the Columbia market, Courtyard apartments and Boulder Springs of Columbia condominiums. Mills Properties assumed management on four additional properties totaling 874 units October 22, 2010.
Bruce Mills is purchasing the four properties for approximately $14 million and has committed an additional $6 million in complete renovations. The four properties include The Colony, Holiday House, Gatehouse, and Tiger Village. “I am eager to enhance our presence in the Columbia market that means so much to me as an alumnus of the University of Missouri”, beamed Bruce Mills, Chairman & CEO. “It is truly an opportunity to take troubled assets and turn them into places that people will be proud to call home; and we are proud to be a part of it.”
Mills is not holding back on anything from new pools, parking lots, fencing, landscaping, exterior lighting, amenity upgrades, and interior unit upgrades including kitchens and flooring. President Kirk Mills and his management team are charged with managing the new properties and overseeing all the renovations. “Mills Properties is very excited to get the chance to manage and redevelop these assets for Bruce (Mills) and his partners”, said Kirk Mills, President. “The turnaround will warrant some amazing before-and-after pictures. We can’t wait to make it happen.” We anticipate most upgrades to be completed within the first year.
The Columbia market is growing and currently boasts the lowest unemployment rate in the state of Missouri. Multi-family housing is only one of the many benefactors of the increased growth in the area.
Mills Properties has been a recognized leader in the multifamily industry for over 30 years, currently managing over 10,000 units in St. Louis and Columbia Missouri. For additional information about Mills Properties, visit www.millsapartments.flywheelsites.com.