Local landlord Mark Kramer, owner of Kramer Properties, LLC, has decided to sell a portion of his fixed asset portfolio including Notre Dame apartments and about 50 houses.
Beginning on March 1, Campus Apartments, a national company, will manage the houses.
“I actually sold a portion of my portfolio and the new owners have chosen Campus Apartments to manage them,” Kramer said.
Kramer Properties announced the transfer on Feb. 11 via e-mail to all affected tenants. In the e-mail, Kramer assured students the terms of the leases they signed with him would still be valid.
“I am personally working directly with the company to ensure that your transition is seamless and that the same level of quality service continues during your tenure,” Kramer said in the e-mail. “Please be assured, the terms of the lease you have signed with Kramer Properties, LLC will in no way be affected by this change.”
Kramer said tenants shouldn’t be concerned about rent hikes after the transfer.
“The rents remain the same, the terms of the lease remain the same,” he said. “It’s just a matter of a different company that will be managing their particular property. It will not change anything for the students this year, next year, or any of the students that have signed up in advance for the 2011-12 school year.”
In addition, Kramer stressed he would still continue to own and manage approximately 75 homes and Lafayette Square Town Homes.
“I have not transferred all of my properties,” he said. “In fact, not even the majority of my properties have been transferred or sold.”
Kramer said there was no hidden motivation behind his decision to sell, but rather, he decided to take advantage of an opportunity.
“There was no underlying reason necessarily,” he said. “Things like this happen all the time, and you have an opportunity to sell something and the price is right and the time is right, you make the decision accordingly.”
Furthermore, Kramer said he does not have any plans to sell the remainder of his portfolio.
“I have no intentions in the near future to sell any more of my assets, or even the distant future I might add,” he said. “I still remain in business, I still remain in the same location and I will continue to do so for a very, very long time to come.”