An apartment complex in downtown Augusta’s Olde Town neighborhood has been sold, several years after it had been mired in an embezzlement case.
The Finem Group, a firm at Meybohm Commercial, announced Thursday it had brokered the sale of the 16-unit complex at 108 Third St. from Miami real estate investment firm Jacksonville Palazzo.
“We’re really excited about the sale of this property,” said Abiel Ballesteros, a partner with Jacksonville Palazzo, lauding Finem brokers Dustin Wright and Jonathan Aceves. “There are so many great things happening in Augusta, especially downtown.”
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The renovated 74-year-old property includes four studio apartments, eight one-bedroom units and four two-bedroom units, along with new roofs, HVAC systems, water heaters and other upgrades.
The Olde Town apartments sold as part of a portfolio that also includes 20 units on Wrightsboro Road and a 59-unit complex neighboring the Kroc Center. The Finem Group currently has the 59-unit complex on the market.
All three properties were once managed by Greg Darr, the former executive director and CFO of the Coshocton Metropolitan Housing Authority in Coshocton, Ohio. In 2019, Darr was convicted of embezzling more than $430,000 from the U.S. Department of Housing and Urban Development (HUD) and sentenced to 30 months in prison.
This led to tenants at the Third Street apartments to be dispersed, and it has since been vacant. According to Richmond County property records, an entity called Ideal Systems LLC acquired the Olde Town complex from Darr’s Augusta Properties in 2021, before selling it to Jacksonville Palazzo in 2022 for over $2 million.
The three properties in the portfolio have an affordability requirement for eight more years.
Skyler Q. Andrews is a staff reporter for The Augusta Press. Reach him at skyler@theaugustapress.com.
