The relief hundreds of frustrated tenants at an embattled apartment community have desperately waited for may finally be on the way. News 5 has learned a new management company is slated to take control of North Pointe Apartments in Euclid starting April 1.
The ownership group, North Pointe LTD, stopped making payments on its $38M mortgage late last year, and the property, riddled with health and safety violations, was placed in foreclosure in February.
The court has named a receiver according to Euclid Mayor Kirsten Holzheimer Gail. Cleveland-based Coral Company has been awarded the contract to manage the building.
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A team from Coral met with Euclid officials Thursday to get up to speed on the current state of the building, including the break down of the millions of dollars in repairs needed to get the nearly 1,000 unit complex into compliance.
During the next few weeks, Coral will work with the current management company RHM on a transition plan.
In an email to Euclid City Council members, Mayor Kirsten Holzheimer said it is their hope that Coral will provide the necessary management to improve the building and begin taking care of the laundry list of issues that remain.
In a letter to North Pointe residents, both management companies said they were committed to continuing the process RHM started to make the apartment community a pleasant place to live.
