Sewickley Herald

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Voi. 83 No. 23©
The Sewickley
Herald
17 Gateway Publications
SUBURBAN PITTSBURGH'S ' LARGEST CIRCULATION
Wednesday, June 4, 1986
In Two Sections 38 Cents
Inside
2
More primary news How local voters cast their ballots
3
QV School Board's budget asks for tax hike
4
Life & death matter: Herald editorial says pass seat-belt law
R
The May We Were: Last month recalled with photo essay
6
What ever happened to the Class of '66?: Academy has reunion
THE PIRATES OF REN-ZANCE. The Herald gang always has contended the Pen is mightier thanThe sword. However, on a'bright'late-spring day last week, the staff felt more like like pirates than journalists and dohned.some of the trappings of buccaneers in;resppnse tOvthe siege at Herald Square; For a better look at the lay of the land, see page 3 in today’s paper. ■ , ' . ^ r	(Photo by Daniel M. Miller)
Local apartments become 'co-opdominiums'
Sewickley's Normandy, Brittany, Linden Place rentals to be sold by owner Marra
Three Sewickley apartment buildings owned by Wilmar Properties will be converted to “co-opdominiums.”
Plans were announced last week for the Normandy, Brittany and Linden Place complexes to become “co-opdominiums,” which Wilmar says “blend some of the characteristics of a condominium' with co-operative ownership.” -
Wilmar explains that the form of ownership is co-operative. However; unlike most co-operatives, there is no first mortgage on the building owned by-the co-operative. Yet, as in a condominium, the tenant controls the financing of his unit and deals directly with his lender. Each purchaser has the freedom to buy a unit for all cash or finance the purchase. The tenant is liable only for his own financing.
Wilmar, owned by William D. Marra, is working through Merrill Lynch Realty/Pittsburgh, for selling the units. Sales prices will range from $82,406-$l 56,800 in the Brittany-Normandy, which contains 42 units; the 88 units at Linden Place will go for
$54,500-$195,100.
In addition to the Sewickley apartments, four other Wilmar-owned apartment complexes in the Pittsburgh area — including one in Avalon and another in Bellevue— are being offered as “co-opdominiums.” Wilmar estimated the total value of all the properties at .more than $30 million.
Merrill Lynch Realty is accepting names and deposits on the units now, but technically they won’t be offered to the public for 45 days, which will allow the tenants time to purchase and exercise their priority position.
“This system is designed to ensure the tenants will not be thrown out,” said Marra, “although they might be asked to’move to another unit in the complex, if they don’t want to buy. If they want to continue to rent, their unit could be made available to investors who would become their landlord.”
Marra noted that over the past 10 years the apartment units have enjoyed a better than 98.5% occupancy rate. “Many of our tenants have been with Us for more than 10 years,” said Marra.
“As a result of that loyalty, we will be offering (them) first choice on their units and substantial discounts from our selling prices.”
Arnheim & Neely of Pittsburgh will take over management and maintenance services from Wilmar, Marra said.
“This is a $33 million project,” said Richard G. Merrill, president of Merrill Lynch Realty/Pittsburgh, “and we are delighted to be involved. I think it is significant to note that the financing
projections we have developed indicate that most of the current tenants who purchase their apartments will have substantially lower monthly mortgage payments than their present monthly rents.
“We are confident the conversion of the project will be a success,” said Marra. “Our tenants have expressed their support by renewing their leases year after year."
Two separate discount programs are —................-Continued on Page A6
Brittany Apartments
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