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Complex getting makover; new owner plans $13 million project

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When the remodeling of a 36-year-old Greenwood apartment community is finished, it will look as though it has never been lived in.

Westminster Apartments’ 20 buildings all will have new roofs, and all units will have new kitchens, doors, trim, lighting and other upgrades.

The residents of the 438 apartments near County Line Road and U.S. 31 also will have a renovated clubhouse and pool.

Van Rooy Properties began renovating the complex, located near the Greenwood Park Mall, in August. The company, began making plans for the $13 million project after buying the apartment community two years ago, vice president of development Russ Seiler said.

At a glance

Here are the details behind the renovations at Westminster Apartments:

When work started: August

When work will be finished?: In about two years

What’s changing: Van Rooy, which purchased the apartments in 2010, is upgrading all 438 units, as well as the pool and clubhouse.

How are they working around the current residents: Work on the individual units is set to begin as each lease expires.

Changes to rent: The average rent now will be around $800 per month.

Will current residents need to reapply to live at Westminster? Yes. They’ll have to fill out the same kind of lease application as all other prospective residents.

“Basically the way I’d describe it is, at the end of the day our apartments will be no different than a brand-new apartment,” he said.

The renovations also will mean new rental rates once the work is complete. Seiler wouldn’t reveal what current rents are but said the average monthly rent after the upgrades will be about $800.

The apartment complex is about 70 percent occupied, and work on individual units will begin once a tenant’s lease expires. Current residents who want to remain in Westminster will need to reapply for leases, Seiler said.

Van Rooy, which is based in Indianapolis and owns or manages more than 10,000 apartment units, bought Westminster out of receivership in 2010 when it was listed for $8.2 million.

Seiler said many of the units haven’t been upgraded since the apartment complex opened in the mid-1970s; and after Van Rooy purchased the property, the company announced it was planning extensive remodeling.

“We knew we could apply the renovations that were needed to compete at the top of the market,” Seiler said.

Van Rooy expects to complete remodeling on 20 to 30 units per month beginning this month, and the entire project should be finished by the end of 2014, Seiler said.

Current residents whose units are set to be upgraded have the option of moving to a unit that isn’t being renovated, though most of the work is set to to begin once a resident’s lease expires, Seiler said.

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