$5.4m Upgrades Keep Dayton Towers Booked ; Building That Once Stood Half Empty Now Boasts 99 Percent Occupancy

Summary

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DAYTON -- When he threw his hat in the ring to buy Dayton Towers, Vaios Theodorakos knew he'd have to spend money beyond the purchase price if he wanted to acquire the apartment building and bring it up to what he considered acceptable standards.

With this in mind, the chief executive of VTT Management, a Framingham, Mass., company, drew up his offer for the 14-story tower accordingly, but was rebuffed because at least three others offered more money for the 425 Dayton Towers Drive building.

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$5.4m Upgrades Keep Dayton Towers Booked ; Building That Once Stood Half Empty Now Boasts 99 Percent Occupancy

"I wasn't even in the ballpark" he said.

But as the real estate and capital markets began to roil, the first couple of bid...

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