The property will also get an exterior makeover, including the replacement of its brick facade with vinyl siding and the replacement of all of the community's 2,000 windows. Also planned is a major landscaping and gardening program, which will include new trees, shrubs and flowerbeds, company officials say.

Emmes purchased the apartment complex in 1997 as part of a larger portfolio of residential properties and mortgage pool purchase of properties throughout the northeastern US and Florida. Shortly thereafter, Emmes took ownership of the property in a deed in lieu of foreclosure transaction.

"The economy in the area has really taken off, especially in terms of high-tech industries moving into the area," says Schwarz. "IBM is perhaps the most visible example of this trend, but there are many others. We are confident that Mountain Brook will fill a housing need brought about by the economic development in the area."

The company is now instituting a $50 a month rent increase on newly refurbished units as they become vacant. Rents for one-bedroom units (820 sf) are now $765 per month and $900 per month for two-bedroom units (915 sf). Schwarz notes that once the capital improvement campaign is completed next year, a further rent increase will likely be mandated. However, he says the increase will be minimal and will be significantly less than comparable new luxury rental communities in the northern New York City suburbs.