Lake Forest considers protecting apartments

LAKE FOREST — Developers interested in converting apartments into condominiums would face new hurdles under a proposal under consideration in Lake Forest.
Last month the City Council discussed a new ordinance that would, in effect, preserve the stock of apartments in the city. The council is scheduled to go over it again Wednesday.

The city has fewer than 20 major apartment complexes.

“Our concern is the conversion of one apartment complex could potentially take out a large number of rental units,” said Gayle Ackerman, city development service director.

Two years ago, the City Council placed a moratorium on the conversion of apartments into condos while the city worked toward a new ordinance regulating them. The moratorium expires on Aug. 18.

The new proposed ordinance on condo conversions requires a number of standards that must be met, including a 6 percent apartment vacancy rate across the city.
The city’s average vacancy rate is 4.3 percent and has not exceeded 5.5 percent in the past eight years.

Brad Perozzi of Trammel Crow Residential, owner of Alexan Bellecour apartments on Osterman Road, asked the council to consider lowering the vacancy rate.
“A 6 percent vacancy rate is too high and has never been met before (in Lake Forest),” Perozzi said.

The proposed ordinance suggests two ways to allow condo conversion even if the apartment vacancy rate is below 6 percent: At least 75 percent of the tenants would have to vote in favor of a conversion or the apartment building would need to pose a significant health and safety hazard.

The City Council meets at 6 p.m. at City Hall, 25550 Commercentre Drive. For information, call0 (949) 461-3400.

Contact the writer: aglowish@ocregister.com or (949) 454-7363

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