The Journal Gazette, 600 W. Main St., Fort Wayne IN

A northeast Fort Wayne apartment complex’s new owner is investing more than $2 million to remodel it.

Cornerstone Managed Properties LLC already has remodeled 70 to 80 units at Coliseum Park Apartments, owner Steve Egger said Friday. The company plans to replace roofs, resurface parking lots and repaint the exterior of the apartment buildings at 1035 Ridgewood Drive, just southwest of Memorial Coliseum.

Strongsville, Ohio-based Cornerstone Managed Properties purchased Coliseum Park for $12.5 million from New York-based Sachs Investing last month, Egger said.

The 460-unit property is Cornerstone’s first in Indiana, but the company owns and manages several apartment complexes in Ohio, Egger said. It manages seven complexes containing 1,500 units.

Cornerstone already has increased Coliseum Park’s occupancy rate, Egger said. The complex had 410 units rented Friday, up from 365 as of Sept. 1.

The company is remodeling individual apartments as they become vacant, Egger said. The apartments, which range from one to three bedrooms, will receive new carpeting, tile floors, lighting, paint and air conditioners. Kitchens will be updated in some apartments, he said.

Coliseum Park will receive new exterior signage as part of the remodeling project, Egger said. Cornerstone also is replacing the bridge that crosses the property’s creek and connects the two sides of the complex. The renovations are scheduled to be completed in about 10 weeks.

Cornerstone raised some rents to bring them in line with current market rates, Egger said. Rents start at $410 for a one-bedroom unit and $705 for a three-bedroom townhouse.

Egger is living at Coliseum Park during the ownership transition. He plans to stay there for six months.

The property management company has introduced several resident retention programs, including a complex newsletter and property events, Egger said. Cornerstone also bought six golf carts that are used to show potential tenants the property.

Cornerstone is working to improve the complex’s reputation and promote its facelift, Egger said. Area residents considered Coliseum Park run-down, and the company wants to change that, he said. Cornerstone’s maintenance staff is soliciting suggestions for upgrades and is responding to maintenance requests promptly.

“It’s a blanket of little things that make the difference,” Egger said.

jglenn@jg.net