Renovations under way at Drehr Place

The new owners of a Garden District apartment complex have started renovating the property. Pinnacle Equity Group, a firm headed up by New York investor Joseph F. Spiezio III, bought the 28-unit Drehr Place apartment complex last month for $2 million. Spiezio has several projects in the Capital Region. In 2009 he bought the Oxford Place Condominiums near LSU for $1.07 million. He’s also developing two green communities in St. Gabriel. Spiezio says the Drehr Place apartments are well located and feature a number of long-term tenants, including several nuns who teach at St. Joseph’s Academy. The renovations at Drehr Place will involve improving roofs as well as the laundry facilities, but Spiezio says there are no plans to make major changes, such as converting the apartments to condominiums. “We want to keep everything status quo,” he says. Read the rest of Real Estate Weekly here. —Timothy Boone