Post by red on Jun 16, 2006 7:09:04 GMT -8
www.sgvtribune.com/business/ci_3942510
Condos on command
Prosperity spruces up developing neighborhoods
By Kevin Smith Staff Writer
San Gabriel Valley Tribune
AZUSA - Prosperity Real Estate Investments Inc. is not your father's development firm.
While many development companies are focused solely on large profits, this Mission Viejo-based firm strives to help people realize their dream of home ownership.
It accomplishes this by offering housing opportunities that are priced well below market value.
Prosperity is currently involved in a condo conversion project at 777 S. Citrus Ave. in Azusa.
The 104-unit complex features a wide variety of floor plans ranging from the 1-bedroom, 1-bath Dartmouth model to a more spacious 2-bedroom, 1 1/2-bath Amhearst model, which has 1,080 square feet of space.
The condo units range from $290,000 at the low end to $370,000 at the top end.
"When we do these kinds of projects we do an extensive renovation of the common areas," said Stuart Holtzman, Prosperity's chief executive officer.
"We replace the roof and address all deferred maintenance. We provide buyers with resort-type amenities that are not normally associated with first-time buyer pools. We typically look for lower-density projects that have that resort kind of look."
The Azusa complex was built as a condo property in 1988, although the units were rented out as apartments because the demands for condos slowed at the time.
Holtzman said his company is discerning about which properties it chooses to revamp.
"We spend quite a bit of time analyzing the different markets throughout Southern California," he said. "We look for areas that are poised for above-average growth - and areas where affordability is difficult to find."
Larry Onaga, the city's assistant director of community development, said Azusa has a higher proportion of rental units than most surrounding cities. Prosperity's project, he said, will likely benefit the community.
"The city is always looking for ways to increase home ownership," Onaga said.
Prosperity also prides itself on its heavy community involvement. By making significant upgrades to aspects of the surrounding community as well as to the properties themselves, Prosperity hopes to revitalize the lives and lifestyles of its customers.
Holtzman said the company typically acquires buildings in neighborhoods that are "in transition from older to more redeveloped neighborhoods."
The revamped condominiums in Azusa are expected to receive a warm welcome on June 24 from a growing group of potential buyers who have been waiting for the units to become available.
Evan Mai, Prosperity's chief operating officer, said the company's work has had far-reaching effects.
"We believe that everyone should be given a fair shake," Mai said. "Some of the communities we've gone into have been borderline communities that were a little rough around the edges with higher crime rates. But now they have lower crime rates. And other people get the idea. Others start to follow and those boundaries between good and bad neighborhoods are gone."
www.sgvtribune.com/business/ci_3942510
Condos on command
Prosperity spruces up developing neighborhoods
By Kevin Smith Staff Writer
San Gabriel Valley Tribune
AZUSA - Prosperity Real Estate Investments Inc. is not your father's development firm.
While many development companies are focused solely on large profits, this Mission Viejo-based firm strives to help people realize their dream of home ownership.
It accomplishes this by offering housing opportunities that are priced well below market value.
Prosperity is currently involved in a condo conversion project at 777 S. Citrus Ave. in Azusa.
The 104-unit complex features a wide variety of floor plans ranging from the 1-bedroom, 1-bath Dartmouth model to a more spacious 2-bedroom, 1 1/2-bath Amhearst model, which has 1,080 square feet of space.
The condo units range from $290,000 at the low end to $370,000 at the top end.
"When we do these kinds of projects we do an extensive renovation of the common areas," said Stuart Holtzman, Prosperity's chief executive officer.
"We replace the roof and address all deferred maintenance. We provide buyers with resort-type amenities that are not normally associated with first-time buyer pools. We typically look for lower-density projects that have that resort kind of look."
The Azusa complex was built as a condo property in 1988, although the units were rented out as apartments because the demands for condos slowed at the time.
Holtzman said his company is discerning about which properties it chooses to revamp.
"We spend quite a bit of time analyzing the different markets throughout Southern California," he said. "We look for areas that are poised for above-average growth - and areas where affordability is difficult to find."
Larry Onaga, the city's assistant director of community development, said Azusa has a higher proportion of rental units than most surrounding cities. Prosperity's project, he said, will likely benefit the community.
"The city is always looking for ways to increase home ownership," Onaga said.
Prosperity also prides itself on its heavy community involvement. By making significant upgrades to aspects of the surrounding community as well as to the properties themselves, Prosperity hopes to revitalize the lives and lifestyles of its customers.
Holtzman said the company typically acquires buildings in neighborhoods that are "in transition from older to more redeveloped neighborhoods."
The revamped condominiums in Azusa are expected to receive a warm welcome on June 24 from a growing group of potential buyers who have been waiting for the units to become available.
Evan Mai, Prosperity's chief operating officer, said the company's work has had far-reaching effects.
"We believe that everyone should be given a fair shake," Mai said. "Some of the communities we've gone into have been borderline communities that were a little rough around the edges with higher crime rates. But now they have lower crime rates. And other people get the idea. Others start to follow and those boundaries between good and bad neighborhoods are gone."
www.sgvtribune.com/business/ci_3942510