Owner of troubled Bingham Square Apartments approached Anderson housing officials about possible sale

·2 min read

Jan. 27—ANDERSON — The owner of the Bingham Square and Madison Square apartments approached the Anderson Housing Authority about a possible purchase.

Kim Townsend, executive director of the Anderson Housing Authority (AHA) said Wednesday she received an email from Jones Lang LaSalle, a Chicago-based real estate brokerage company.

She said the email was asking if AHA was interested in purchasing one of the apartment complexes which is currently owned by Florida-based Property Resource Associates.

The total asking price for both apartment complexes is $10 million.

Bingham Square was constructed in 1956 and contains 128 units. Madison Square was constructed in 1964 and contains 89 units.

Townsend said AHA was not interested in purchasing either property.

The Anderson Redevelopment Commission (ARC) sent a letter to Property Resource Associates, the owner of Bingham Square, and wants a response in 30 days.

The letter spells out the terms of the contract between the ARC and Property Resource Associates and that there is a breach of the contract.

The letter also spells out what the ARC wants from the owners and a plan for a cure of the breach of the contract.

The ARC in 2020 with approval by the Anderson City Council approved a $935,000 bond to complete renovations of the former Courtyard Apartments, 2725 W. 16th St.

Property Resource Associates paid $2.3 million for the property and estimated the rehabilitation work would cost $1.8 million.

Last year, Property Resource Associates informed the AHA that they would no longer accept Section 8 housing vouchers.

Clients of the Housing Authority have been relocated to other housing in Anderson.

AHA wants reimbursement from Property Resource Associates for rent paid in November after the apartments failed an inspection.

Follow Ken de la Bastide on Twitter @KendelaBastide, or call 765-640-4863.