The first apartment property sold out of the Vision Beyond foreclosure case will undergo several million dollars in renovations with no rent hikes for existing tenants in the first year, according to the new owner.Our plan woul d be to keep them. We hope they stay and become good long-term clients of for us, said Chris Cook, co-founder of ZerCo Holdings LLC, a Northern Kentucky real estate company that owns and operates about 600 area apartment units.ZerCos portfolio grew by 116 units on Nov. 12, when it paid $3.3 million for Kirby Apartments, a Mount Airy complex that deteriorated quickly this year when the company that owned it collapsed amid fraud allegations and the arrest of a company founder.The incident at Vision Beyond forced dozens of properties into foreclosure. But none of them endured more turmoil than Kirby Apartments, where a sewer pump failure caused backups into basement units and roof leaks led to water damage on upper floors.Hamilton County Judge Christian Jenkins declared the property a public nuisance in July and allowed the city to make urgent repairs that would be repaid from proceeds of the sale, which Judge Jenkins authorized in September.WATCH: Cook walks us through the renovation plan for Kirby Apartments Multi-million dollar renovation planned for building previously ruled a public nuisanceThrough it all, about 50 tenants remained at the 55-year-old apartment community, tucked into a seven-acre site near the North Bend overpass on Kirby Road.Theyve lived through a lot, Cook said. Were doing what we can to keep them here, whether that means moving them into a new unit or making sure that their current unit is a safe, good-quality place to be. Cook himself is recovering as he wages a court fight against investors who purchased seven of his companies in 2022. Cook accused Reston Construction of reneging on its $3 million purchase agreement in a Kenton County lawsuit thats scheduled for trial in February.Cook, an entrepreneur who served as president of the Building Industry Association of Northern Kentucky in 2023, declined to comment on the pending litigation. He said it will have no impact on ZerCos ability to finance the renovation of Kirby Apartments.Cook owns 50% of ZerCo. Brad Zerhusen, manager of its property management company, owns the other half. The commercial real estate company owns several apartment properties, ranging in size from 19 units to 140. It also owns a flex warehouse building near the Cincinnati/Northern Kentucky International Airport and short-term rental properties in Dry Ridge, Ky., Cook said.Kirbys $3.3 million purchase price is slightly higher than the Hamilton County auditors appraised value for the property.Weve been following this property for some time, very aware of the collapse of the previous owner, Cook said. We like that this sits a little bit off the beaten path. It really kind of sits down here in its own space, surrounded by the forest. So, it has a unique feel to it for being an urban community. On a tour of the property Dec. 11, Cook said he was hoping to finish roof repairs and window replacements before winter sets in. New shingles were in place on two of Kirbys three major building clusters, and exterior finishes were nearing completion on one.The basement of the building at 5469 Kirby was completely gutted, with its walls scraped down to cinder blocks and everything except studs and wiring removed from units where sewer backups took their heaviest toll.With this being flooded, its hard to tell what was going on behind the walls, Cook said. So, the only way to ensure youve got 100% of the issues taken care of is really to remove it all.Kathy Peeks, a third-floor tenant at 5469 Kirby, said she's impressed with the progress."The new owners are doing a very good job, said Peeks, a tenant since 2018. We see somebody in here every day, doing something. I mean, the hallways are mopped. Theyre swept. Theyre clean.Dan Monk has been covering this story for WCPO for months. You can contact him here:But the improvements are also causing concern about future rent hikes.Theyre putting everything new in these apartments, everything, Peeks said. So, Im sure that theyre going to raise the rent for everybody to market rate. I mean, thats just my fear.The Cincinnati Tenants Union is hoping the new owners will recognize Kirby tenants as a group, so they can bargain collectively for protection from eviction and rent hikes.The union's co-founder, Brad Hirn, said he'd also like to make sure the renovation benefits existing tenants.Were always concerned that a new owner makes a lot of promises but then doesnt prioritize investing in the existing tenants apartments, but rather focuses on remodeling vacant ones, Hirn said. So, that remains a priority for us to make sure the existing tenants get the repairs that they need.Cook said hes willing to talk to the tenants' union but didnt want to comment on what might come from those talks. Cook said his focus right now is on the renovation. It will include all new interior finishes with stainless steel appliances, new counters and cabinetry.Its come a long way, Cook said. Its hard to believe weve only owned it for 30 days and weve been able to improve the quality of life of so many people this fast. And I think thats what were most excited about is to see this project over the next six months to really transform.In the meantime, court records show ZerCo has a contract to buy another Vision Beyond property in Lockland. A purchase agreement, signed by Brad Zerhusen on Dec. 5, calls for a ZerCo affiliate to pay $1.95 million for a 19-unit apartment building at 206 S. Wayne Ave.The deal is subject to court approval for transferring the property free and clear of all liens. Cook declined to comment on the pending sale, but confirmed ZerCo was interested in other Vision Beyond properties.We are local. We plan to be here, Cook said. Were not an out-of-state company that no ones ever heard of and you cant put a face with. And were hoping we can continue to partner with the city on additional developments ... we think this is going to be a very successful project. ...read more read less