Interapt to drop big news this week
If we had a nickel for every time we’ve been told to “keep an eye on Interapt” over the past couple of weeks, we’d have a heck of a lot of nickels. The Mobile Development and Strategy firm definitely has something big in the works — they’re going to reveal their news on Tuesday afternoon.
But even though IL works with Interapt and has “friends on the inside,” no one at Interapt is talking.
Lots of other people, though, are talking about the big news — and the speculation all has a common theme: that it has “something to do with Google.”
Interapt had two employees who were selected to be Google Glass Explorers (out of a company of 15 or so), and they have been developing with Google Glass ever since. So this may be the source of the speculation.
We’ll let you know more when we find out more.
Barrington Place Apartments Sold to Utah firm
Things finally are looking up for the troubled Barrington Place Apartments, at 537 S. Third St., which have found a buyer — a pretty interesting buyer at that.
The downtown apartment tower had been in foreclosure, and prior to that had attracted some pretty terrible reviews from tenants, including a claim that it was infested with bedbugs.
The acquiring firm is named Sundance Bay and is based in Salt Lake City, Utah.
Jefferson County Clerk records say it was sold Sept. 23. The prior owners were Barrington Place LLC. The sale was for $5.87 million.
Sundance Bay already lists the Barrington Place apartments on their website. The real estate firm’s site explains why it’s attracted to the building, despite its troubled past:
“We are an investment firm that specializes in acquiring and turning around distressed apartment buildings, otherwise known as value-add, multifamily investing. We focus on assets that have grown tired, or have been mismanaged or undercapitalized … In real estate investing speak, we like properties with some ‘hair’ on them.”
Sundance is interesting for a few reasons. One is that two of its top five execs are Matthew and Craig Romney, sons of former Republican presidential nominee Mitt Romney.
A good percentage of their properties are in either Kansas City, Mo., Kansas City, Kansas, or Sun Prairie, Wisc. Barrington Place is their first venture into Kentucky.
Braden Lammers, writing for Louisville Business First, noted Barrington Place LLC technically sold the property to KY Barrington Place LLC. KY Barrington Place LLC, in turn, is managed by a person named Ryan Baughman, who is also a manager at Sundance Bay. Given that the Barrington Place property is now listed on the Sundance Bay website, it’s a reasonable conclusion to say KY Barrington Place is a division of Sundance Bay.