Asset recovery

Ashton Woods

Once known as South First Manor, this south campus property's name was changed to Ashton Woods when Ramshaw Real Estate purchased it in 1996. This 156-unit, five-acre complex was a landmark acquisition, representing both a significant increase in Ramshaw's property management division's unit count as well as sizeable development challenges: numerous undesirable tenants and deferred maintenance issues.

Constructed in the late 1960s, the apartments had begun to show significant signs of deterioration over the past 10 years, and the previous management had made little or no effort to carry out necessary repairs. Laxity in resident screening and leasing policies had dramatically lowered the overall quality of the resident clientele. Crime rates in the building had increased and some drug-related arrests had been made. These negative factors took a serious toll on the perceived image of the property, which moved steadily downward for years. The vacancy rate eventually reached nearly 50%.

"The sorry state of disrepair was epitomized by the unwholesome-looking, slime-covered swimming pool," said Alex Ruggieri, Ramshaw's vice president of brokerage services. "But the bones were there for a really first-rate property."

The need for a massive renovation spurred the hiring of Joe Phillips. He headed up a $1 million-plus project that overhauled the property's interior, exterior, office, pool, roads, parking lots, and landscaping. The renovation paid immediate dividends, as U of I veterinary medicine and agriculture students moved in to enjoy the easy access to south campus.

Along with the changes being made to the property, the surrounding area was developing as well. The research park brought jobs to the immediate vicinity, and just to the south of Ashton Woods, Windsor Road emerged as a major thoroughfare across Champaign-Urbana's south end. In the summer of 2007, the University of Illinois purchased Ashton Woods to provide an additional housing choice for students, faculty, and staff, particularly those connected to the research park or school of agriculture.

"The Ashton Woods property was purchased from Ramshaw Real Estate to fulfill the Campus Master Plan objectives related to the expansion of the South Campus as approved by the Board of Trustees," according to Dennis McConaha, U of I Associate Director of Real Estate. "The plan is that the property will continue to be leased in the local student apartment market for the foreseeable future."

With the heavy lifting already performed by Ramshaw, the U of I was able to seamlessly take over a first-rate property.