Philadelphia-based Lindy Communities has completed the acquisition of the high-rise apartment building known as Dayton Towers at 425 Dayton Towers Drive, to be called, The View at Dayton Towers. The 14-story building was constructed in 1963 and sits on 7.5 acres of land just outside of the Oregon District.
“We plan to invest $3 million to update the apartment interiors, amenities, and common areas,” said Alan Lindy, president at Lindy Communities. “The View’s full amenity package includes a fitness center, business center, and activity room. It’s one of the few downtown communities with a swimming pool. These amenities and its desirable location make it one of downtown Dayton’s most prominent high-rise communities.”
Lindy Communities, a fourth-generation family management company, owns 35 multi-family communities totaling more than 6,400 apartments. Lindy’s ownership strategy is to reposition apartment communities and manage for the long term. Lindy family members serve as general partners for all communities, totaling about 1.8 million square feet of residential, office, retail and data center spaces.
Lindy Communities’ local portfolio also includes another downtown Dayton apartment community, St. Clair Lofts, as well as Trailbridge Townhomes in Middletown. By January, Lindy Communities expects to close on JP Flats, a seven-floor high-rise adjacent to Dayton’s new public library, next to health care employer CareSource’s new campus expansion, and a short block from St. Clair Lofts.
Downtown Dayton has had a boom in its residential growth over the past 10 years. Since the launch of the private-public Greater Downtown Dayton Plan strategic initiative in 2010, more than 1,200 new housing units have been completed and are in the pipeline—about a 57 percent increase. Apartment occupancy is one of the highest in the region at 97.5 percent.
The majority of Lindy’s apartment communities are located in the Philadelphia area, which are managed directly. The out-of-state communities owned by Lindy retain local, hands-on management for day-to-day operations and oversight, which Lindy Communities supervises closely. Since 2010, Lindy has partnered with Oberer Management Services to oversee St. Clair Lofts, along with Trailbridge Townhouses. Oberer Management Services will be partnering again with Lindy Communities on The View at Dayton Towers and will market these properties under the Lindy-Oberer name.
The partnership of these two family-owned companies — both demonstrating strong commitments to their regions and a shared confidence in Dayton’s future — is a positive sign of growth and advancement of downtown Dayton and the region.
“We’ve seen for ourselves what Lindy Communities is committed to providing high-quality apartment homes in our market,” said Downtown Dayton Partnership President Sandra Gudorf. “St. Clair Lofts was one of our earlier adaptive re-use success stories, and we look forward to the investments the Lindy family will make in our center city as they add properties to their portfolio.”
The third-generation, family-owned Oberer Companies consists of five divisions, all of which have the resources and capabilities to deliver excellent commercial service, residential construction (including single-family, multi-family homes and apartments), land development, property management, and association management.
Since 1949, Oberer Management Services (a subsidiary of Oberer Companies) has offered a full spectrum of real estate needs, specializing in a comprehensive, professionally managed service solutions. They currently manage more than 50 communities that include apartments, condominiums and homeowners’ associations comprising approximately 5,000 units.
“We’ve been working with Lindy Companies since 2010,” said Lloyd Cobble, vice president of property management at Oberer Management Services. “Like us, Lindy is a family-owned business looking to improve quality of life in the Dayton region through top-rated mixed-use spaces. We’re looking forward to working with them on The View at Dayton Towers.”