Patton Road appeal-BRAC moves likely reason for renewed interest
Thursday, June 07, 2007By JOHN PECKTimes Staff Writer john.peck@htimes.com
The influx of defense jobs to Huntsville may also be fueling a rush on apartment investments along Patton Road, one of the gateways into Redstone Arsenal.
Reports that investors are eyeing some of the aging units comes as welcome
news to city officials, who hope the new owners are planning to spruce them
up.
"With that being the front door to the arsenal, I hope something will be done," said City Councilman Bill Kling, whose district includes southwest Huntsville.
"That would be good news if they fixed them up," agreed Community Development Director Jerry Galloway.
David Wilson, president of a real estate firm that specializes in the Huntsville-area apartment market, confirmed Thursday that several investment groups are looking at apartment properties along Patton Road. Wilson said the interest is not isolated to Patton Road with its easy access to gates 8 and 10 of Redstone.
"It's all over town," he said. "It's all sizes and ages of property."
But the Patton Road stretch, he said, features many of the smaller, older apartment complexes that are attractive to some investment sectors. Wilson said the market is ripe for renovating the buildings and reaping higher profits from rent increases.
David Frederick, a Huntsville apartment real estate expert, attributed the apartment boom to the BRAC moves, Huntsville's high per capita income and a healthy jobs outlook in general. Frederick echoed Wilson's belief that new ownership won't necessarily translate into a bulldoze-and-start-over makeover but, rather, cosmetic changes that should make the properties more attractive.
"I don't think you'll see anything dramatic like someone investing $20 million to fix up Patton Road," he said. Frederick said some ownership turnovers have already occurred.
Patton Road, a continuation of Jordan Lane and Alabama 53, is one of the main north-south arteries through Huntsville. Dozens of rental properties ranging from ranch homes to duplexes and apartments with maybe eight to 50 units line the thoroughfare from Bob Wallace to the arsenal boundary.
Kling said the area has historically drawn complaints from surrounding neighborhoods: junked cars, overflowing trash bins, buildings in disrepair.
Galloway's code enforcement officers conducted a "sweep" this week of the Patton Road area and issued 39 citations to building owners for violations of community housing standards. Thirty involved things such as rotting doors, decaying siding and other eyesore-type infractions. Others were for junked vehicles and neglected swimming pools.
Bob Rushbrook, head of code enforcement for the city's Community Development division, said the crackdown was prompted by continuous complaints of neglected properties along that stretch. Rushbrook said while most apartment owners responsibly maintain their properties, the biggest problems are usually with clusters of smaller units owned by a hodgepodge of owners.
"We're not targeting them. We're not singling them out, but we are making a concerted effort to try to make our front gate as good as possible," he said.
Charles Bendall, who owns several apartment properties in Huntsville including two along Patton Road, said he welcomes the code enforcement crackdown as long as the violations are justified.
Bendall said he's gotten several unsolicited requests to buy some of his apartment properties from out-of-state investors. The letters have come from such places as Rockland, Md.; Cumberland, R.I.; Manchester, N.H.; and Newton, Mass., he said. Bendall speculates investors search property records and send blanket letters to hopefully find a willing seller.
Huntsville Alabama real estate
