Hearthstone and Regis Homes, an affiliate of the Sares-Regis Group and locally-based investor American Property Enterprises, are teaming up to buy and renovate the property.
Hearthstone officials say about $50 million will be used to acquire the property and another $10 million to renovate and convert the complex.
The improvements to the six, three-story buildings will come in phases over the next two to three years, officials say. Renovations will include new floor and window coverings, fireplaces, appliances central air, a new recreation center and other features.
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