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High-rise housing sold for $4.9M
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NEW OWNER: International Towers in downtown Youngstown,was purchased by Millennia Housing Management for $4.9 million. Millennia, based in Valley View, near Cleveland, manages 5,735 low-income housing units in five states.
The building’s new owners are ‘very impressed with the downtown Youngstown area,’ a spokeswoman says.
YOUNGSTOWN — A high-rise housing complex in downtown Youngstown for low-income senior citizens has a new owner.
Millennia Housing Management purchased the 28-year-old International Towers at 25 Market St. for $4.9 million.
Millennia, based in Valley View, near Cleveland, manages 5,735 low-income housing units in five states.
The company operates Arlington Gardens, Heritage Apartments and Jubilee V Homes in Youngstown and Sebring Manor in Sebring.
When asked why Millennia would spend nearly $5 million in a weak housing market, Amy Castelli, the company’s spokeswoman, said: “We’re very impressed with the downtown Youngstown area. The Youngstown area has a lot to offer. There’s more life in Youngstown than people think, and we are impressed with what the future of Youngstown can be.”
International Towers, with about 200 units, has been owned by the Burin family since it opened in 1981. Scott Burin took over ownership from his father, Andrew, in the 1990s when his father died.
“We are impressed with the job the former owners did maintaining the property,” Castelli said.
Burin deferred comment to Millennia officials about the sale Friday.
The building will remain home to low-income seniors.
City officials are excited about the sale of the building and the plans Millennia has to improve the downtown structure, said Finance Director David Bozanich.
“We expect they’ll do a good job,” he said. “They’re proposing energy upgrades to the facility and they’ll maintain the aesthetic quality of the building.”
Millennia applied earlier this week for federal funding to make “significant improvements” to the building’s windows, kitchens, bathrooms, and a redecorated commons area, Castelli said.
“We are hoping the application will be approved soon, which could mean at least $1 million for the project,” she said.
skolnick@vindy.com