Attorneys offer $100 per unit at Heritage House
A Greensboro attorney and his partner are offering owners of property at the Heritage House $100 per unit to take the property off their hands.
Attorney Drew Brown, of Benson, Brown and Faucher, said the business plan would be to buy as many properties as possible in order to redevelop the condemned building in cooperation with the City of Greensboro.
“If we can get our hands on the property we plan to fix it up and rent it out and pay our bills,” Brown said. “We would be unwilling to rent out any property that is not habitable and clean.”
Brown and his business partner, James Faucher, said in an email to Heritage House owners that they had formed a new company, FB Greensboro Properties.
“We are willing to pay $100/unit,” the email stated. “Alternatively, we are willing to pay $1/unit with an agreement to pay the first $1000 we receive in rent or sale of the unit in the next 30 years if that ever occurs. We will handle all closing costs. You will have to be in a position deliver clean, lien free, title.”
Brown said the partners currently manage 14 rental properties under the entity Oxford Property Holdings. One of their properties is multifamily, he said.
Brown emphasized that they run clean properties.
“We want habitable, quality property,” he said.
Brown emphasized that he has no insider connections and only knows what he has read in the newspaper. He has not been able to inspect the property and has no contracts at this time with interested sellers.
Brown pointed to the involvement of Sonny Vestal in the Heritage House management structure as a sign that there was room to improve the facility.
“If Mr. Vestal has been managing this property that leads me to believe that it has been managed poorly, which leads me to believe we can manage it properly if we are the owners.”
Brown noted that Vestal’s real estate license has been suspended and that Vestal has multiple judgments against him in Guilford County.
While no owners have yet to respond to the $100 offer, Brown is confident there is business to be had at Heritage House.
“If everyone thinks this property is worthless then we are willing to pay $100 a unit,” he said.