New Owner of Greenbriar Apartments Plans Massive Renovation

Capital Valley Investments, the company that purchased Greenbriar Apartments in January for $21.9 million, is planning a massive renovation, according to an article in Monday’s North Bay Business Journal.

According to Jim Roberts, vice president of acquisitions for the company, about a third of the complex’s 224 units were in need of serious rehabilitation.

“Fifty units were uninhabitable, and 22 were completely destroyed,” Roberts told the Business Journal. “The property is shot.”

Last year, about problems at the Eastside apartment complex, where residents who spoke about broken windows, holes in ceiling, rodents and ripped carpeting they said management refused to fix. The complex has been neglected for years and in 2011 it was taken over by two banks after the owner, Larkspur real estate developer Bijan Madlessi defaulted on payments. Madjlessi is now  in Nevada.

Meanwhile, Capital Valley Investments hopes to complete the improvements by next January.

“We’re going to get this thing restored, and we’re going to beautify it,” said Roberts. “It’s not going to be a black eye on the community anymore.”

CVI owns 31 properties in California and two in Washington, with a total of about 6,500 units. Riverstone Property Management will run the property.

-Kevin King contributed reporting