Augusta Economy

More News | Fort Gordon | Plant Vogtle | Savannah River Site | Editor

New Jersey company buys River Glen Apartments

Tuesday, Oct. 15, 2013 1:21 PM
Last updated 6:35 PM
  • Follow Business

A New Jersey real estate company has bought crime-plagued River Glen Apartments and plans to upgrade security at the east Augusta complex.

The Aspen Cos., a New Jersey real estate company, announced Tuesday that it purchased River Glen Apartments at 201 E. Telfair St.  SARA CALDWELL/STAFF
SARA CALDWELL/STAFF
The Aspen Cos., a New Jersey real estate company, announced Tuesday that it purchased River Glen Apartments at 201 E. Telfair St.

Map View

Javascript is required to view this map.

The Aspen Cos. announced Tuesday that it purchased the 192-unit complex at 201 E. Telfair St. as part of a larger deal that involved Department of Housing and Urban Development communities in Georgia, Tennessee, Florida and South Carolina.

River Glen has been the site of five homicides since 2009. According to crime statistics, there were more than 120 incidents of gunshots heard from 2010 to 2012.

“It is a concern,” Adam Mermelstein, the managing partner of the Teaneck, N.J.-based firm, said about River Glen’s crime problem. “After speaking with local officials as well as the housing authority, it seems like it has gotten better. I would say on a better path.”

He said the plan is to have security guards on site and have meetings with the tenants to “make everybody aware that we are new management and we are going to provide them with the tool of effective security in order to cut down on the crime.”

Mermelstein said the company has been successful at its other properties in cutting down crime and increasing respect and awareness. Aspen owns four complexes in New Jersey and one in Pennsylvania.

The company said it plans “vast upgrades” to the property, including roofing, common area hallways, landscaping, new playground equipment and interior apartment renovations.

River Glen was the focus of a city code enforcement issue in June; about 250 health and safety code violations were cited. Inspectors reported a lack of smoke detectors, broken windows, water leaks, and damaged floors, ceilings and walls.

Aspen closed the deal in mid-September. It involved a portfolio of more than 700 apartments in cities such as Memphis, Greenville, S.C., and Gainesville, Fla., from several owners.

The last time River Glen changed hands was in 2005, when it was sold for $4.1 million, according to Richmond County property records.

The company said it turned its attention to Southern markets as part of an aggressive expansion program to add a large number of “high-performing and well-located” Section 8 apartments to its portfolio of rental homes.

Mermelstein said the renovations of the management office, community room and laundry should start this month. Aspen will go unit by unit in determining whether renovations are needed in the apartments. He said the project should take a year to complete.

Comments (22) Add comment
ADVISORY: Users are solely responsible for opinions they post here and for following agreed-upon rules of civility. Posts and comments do not reflect the views of this site. Posts and comments are automatically checked for inappropriate language, but readers might find some comments offensive or inaccurate. If you believe a comment violates our rules, click the "Flag as offensive" link below the comment.
Sweet son
11727
Points
Sweet son 10/15/13 - 12:39 pm
5
1
corgimom
38704
Points
corgimom 10/15/13 - 01:13 pm
4
1
Itll be torn up in 6 months.

Itll be torn up in 6 months.

countyman
21682
Points
countyman 10/15/13 - 02:00 pm
2
7
East Augusta

I definitely think East Augusta has major potential for gentrification, but Eastboundary will take sometime..

The quickest way for real change involves the demolishing of Marion Homes. The new Walton Oaks community and the Savannah River Keeper plans for East Augusta are nearby. The extension of the Riverwalk into East Augusta would open up endless possibilities of additional tax base(residential, recreation, etc).

Little Lamb
49245
Points
Little Lamb 10/15/13 - 01:41 pm
5
1
Riverwalk

They are having a hard enough time policing Riverwalk as it is. The longer you make it, the more officers you need to police it after dark.

Riverman1
94211
Points
Riverman1 10/15/13 - 01:42 pm
7
1
I'm not sure extending

I'm not sure extending Riverwalk into East Augusta is a good idea.

Riverman1
94211
Points
Riverman1 10/15/13 - 01:45 pm
7
1
We were posting at the same

We were posting at the same time, LL. About the same idea. Giving a high crime area access to something we want tourists to enjoy is dangerous. You would change the character of Riverwalk for sure.

countyman
21682
Points
countyman 10/15/13 - 02:12 pm
1
8
Riverwalk

The Riverwalk and the entire county can use additional officers, but the crime stats for the Riverwalk are very LOW.

Developers are building upscale condo towers in Brooklyn right next to housing projects.. People are moving into the urban core of cities, because they offer distinct advantages.

The new residential, recreation, commercial, etc would help pay for the maintenance along the Riverwalk..

How do you expect for the city to pay for additional officers or make repairs without finding additional revenue streams?

It's no coincidence the population of metro Augusta is much smaller than it could be. The cities of Birmingham and Atlanta once had around the same population too.

Could you imagine somebody in Brooklyn saying the new arena for the nets would give the high crime areas access?

Riverman1
94211
Points
Riverman1 10/15/13 - 03:52 pm
8
2
Who Will Be Walking Up The Riverwalk?

"Could you imagine somebody in Brooklyn saying the new arena for the nets would give the high crime areas access?"

Countyman, I don't always want to be the Antione with you, but it's analogies like that making me shake my head. An arena in NYC equals a Riverwalk going from the convention center to a high crime area? Who is going to be walking up the Riverwalk from East Augusta?

jimmymac
48001
Points
jimmymac 10/15/13 - 05:04 pm
1
0
CRIME
Unpublished

Anytime you have low income section 8 you'll have high crime. Most just can't help being who they are.

countyman
21682
Points
countyman 10/15/13 - 05:15 pm
1
8
Riverwalk

The arena in NYC is located right next to Fort Greene..

Developers are building luxury condos and apartments near high crime areas in multiple cities throughout the US.

The extension of the Riverwalk would create new residential, commercial, and recreation developments. Many people would be end up walking to East Augusta, and Olde Town is nearby.

GnipGnop
12744
Points
GnipGnop 10/15/13 - 06:55 pm
7
2
Where do you think those people are going to move to?

You know eventually the city is going to have to pay the piper. The more section 8 and public housing people you move into South Augusta the more decent people you force out. The more decent people you force out the more the property values drop. With that so will the taxes you collect and also the disposable income that is spent. Someone isn't thinking this through.

chascushman
6653
Points
chascushman 10/15/13 - 07:22 pm
6
2
" The more decent people you
Unpublished

" The more decent people you force out the more the property values drop. With that so will the taxes you collect and also the disposable income that is spent. Someone isn't thinking this through."
It seems Augusta is run by liberals & democrats.

Pops
14669
Points
Pops 10/15/13 - 07:27 pm
5
1
What?? Me worry?? Alfred E. Neuman's line

"River Glen has been the site of five homicides since 2009. According to crime statistics, there were more than 120 incidents of gunshots heard from 2010 to 2012.

“It is a concern,” Adam Mermelstein"

Ya thank......

countyman
21682
Points
countyman 10/15/13 - 09:56 pm
1
3
What people are being forced

What people are being forced to South Augusta?

Why didn't the property values in other cities drop after demolishing undesirable apartments?

ColdBeerBoiledPeanuts
11293
Points
ColdBeerBoiledPeanuts 10/16/13 - 06:04 am
3
2
Countyman's Identity

Wow, Countyman sounds a lot like Fred"We need more taxes"Russell!

GnipGnop
12744
Points
GnipGnop 10/16/13 - 06:32 am
6
2
Do you know what gentrification means?

Gentrification is a shift in an urban community toward wealthier residents and/or businesses and increasing property values, sometimes at the expense of the poorer residents of the community. Do you think these poor people will be able to afford wealthier housing? Where do you think they will be moved to? Certainly not West Augusta. They will end up anchoring South Augusta down even further.

nocnoc
49489
Points
nocnoc 10/16/13 - 07:45 am
3
2
National Slum Lords

Come to SLUM CITY.

ColdBeerBoiledPeanuts
11293
Points
ColdBeerBoiledPeanuts 10/16/13 - 08:14 am
3
2
What people are being forced to South Augusta?

Why didn't the property values in other cities drop after demolishing undesirable apartments?
Because they didn't move those people in next to those properties.. They were moved outside the areas. Check it out, wherever you put low income housing the property values nearby rapidly decline!! It's not fixing the problem it just relocating it!! I've got a solution, move all low income housing to Detroit, Chicago and New York!! Then we can have total CSRA Gentrification!

seenitB4
98453
Points
seenitB4 10/16/13 - 10:26 am
1
1
To this coldbeer

"I've got a solution, move all low income housing to Detroit, Chicago and New York!! Then we can have total CSRA Gentrification!"

The sad thing is..they are moving south & many to Atlanta....they are getting out of the rat infested MESS that the libs created in the north & want to bring some of the SAME dumb ideas to Ga....how lucky can we get....I'm wondering if the N Ga area can handle the folks getting out of dodge.

Bizkit
35732
Points
Bizkit 10/16/13 - 11:01 am
2
1
This New Jersey company

This New Jersey company should be able to handle this crime ridden neighborhood because compared to jersey it's an oasis.

countyman
21682
Points
countyman 10/16/13 - 11:41 am
1
4
Well according to some people

Well according to some people Columbia County will take on some of the section 8 and former housing project residents.

GnipGnop
12744
Points
GnipGnop 10/16/13 - 02:17 pm
2
1
Gage Creed
19430
Points
Gage Creed 10/16/13 - 09:06 pm
2
1
GnipGnop....countyman must be

GnipGnop....countyman must be up in North Richmond... his phone looses signal when he is out of state....

GnipGnop
12744
Points
GnipGnop 10/16/13 - 09:19 pm
2
0
Good one

Gage....very good!!! lol

Back to Top
loading...
Top headlines

Christmas Eve rains to dry up

If Wednesday seemed particularly wet and dreary, you would be right. The day broke the record for the wettest Christmas Eve that Augusta has ever had.
Search Augusta jobs