ANDERSON — One year after it was sold, renovation work on the Tower Place is almost complete.
Purchased in 2013, the 43-unit apartment building was sold in a public auction for $100,000 to Youri Frakine.
Since then, $250,000 of the $450,000 budget planned for the project has already been spent, Frakine said. And, unlike the previous owners who lost the property to foreclosure, the funds for all the work being done to the building are coming straight out of Frakine's pocket.
"It is being done with actual funds," he said. "We are very conservative people. The previous owners had tax credits and took out a second mortgage and they really got upside down."
Frakine said from what he can determine of the records left in the building, there was a 15 percent vacancy rate.
"They had no money to repay anything," he said.
A plan of revitalization
In the last year, most of the labor intensive work has been done, but installation of flooring and other renovation work is still underway. A new geothermal system is in place and an advanced security system is being installed.
Five handicap rentals are scheduled for completion by July 1, and Frakine said he plans to open the first five floors for rental by the end of the summer.
Each apartment unit has central air, heat and included utilities along with wireless internet. Although the final numbers are not set, rent for the apartments will be about $550 to $625 a month, Frakine said.
"We want to get rid of the old stigma attached to the building," Frakine said. "The goal right now is to start renting them out at the beginning of September."
A family business
The building was purchased, in part, thanks to the work of Frakine's oldest child, Katya, who is only 15.
"I just like the elevator," she said.