Montague foreclosed apartments get new owner, planned $1.5M makeover

Two Montague apartment properties previously in foreclosure are now under new ownership and on the drawing board for $1.5 million in improvements.  

According to excerpts from the story:

The Channel View I and II apartments in Montague have new owners and are slated for over $1.5 million in renovations. GSMB LLC purchased the property last week from USDA Rural Development. The properties went into foreclosure in 2007, when they were nearly empty. Today, they are nearly full again.

GSMB co-owner Gary Shaw appeared before the Montague City Council prior to the sale, requesting a Payment In-Lieu Of Taxes (PILOT). Shaw was requesting a four percent PILOT. Anything over that, he said, would mean a 95 percent chance that they would have to walk away from purchasing and rehabilitating the properties.

Read the complete story here.