BMAC deal to buy Knoblock Apartments falls through

DAYTON–Blue Mountain Action Council has been working on a deal to purchase Dayton's Knoblock Apartments, but current owners were unwilling to grant an extension of time and the deal has fallen through, Danielle Garbe Reser, CEO of BMAC informed Port of Columbia Commissioners last week.

"I was very much hoping I was coming here tonight to tell you that we'd be closing on the Knoblock Apartment Complex tomorrow," Garbe Reser said, "and I'm unfortunately here to say that the seller would not give us the extension that our funder required, so the deal fell through.

Garbe Reser extended her appreciation to the Port Commission for its support of the effort.

BMAC had been approved by the Washington State Housing Finance Commission, both for the funds to purchase the property and for a lot of the funds to do the rehabilitation, Garbe Reser said.

"We had done a full due diligence process," she said. "We had a whole capital needs assessment. We knew our timelines. We had construction lined up, but the Housing Finance Commission asked for more months, and the seller refused."

Garbe Reser said it was a disappointing outcome for those who were excited about seeing better management and maintenance at the apartment complex.