Apartment foreclosure to spike rents
Tenants at a low-income apartment complex will see their rents increase by as much as 22 percent now that a Bank of America subsidiary has bought it out of foreclosure.
Base rents at Riley Chase apartments, a 312-unit complex off Toledo Blade Boulevard near Interstate 75, had been $475 for a one-bedroom unit, $535 for a two-bedroom unit and $650 for three bedrooms. Those rents are scheduled to increase to $520, $650 and $750 a month respectively, according to documents filed by the new owners with North Port.