Published: Sep 06, 2011 7:27 PM EDT
Updated: Sep 06, 2011 10:52 PM EDT

FORT MYERS, Fla- A real estate company is proving the adage: what's old is new again. The company, Larkspur, now owns the Riverwalk apartments in Fort Myers, and is renovating the units and grounds for rental.

"I am very passionate about this project. I have lived and breated with the city for four months now, and they have been great and supportive," said David Bernstein of Miami, one of the owners of Larkspur. 

Bernstein is overseeing the rehabilitation of the Riverwalk apartments, which have been vacant for five and a half years.  The previous owners wanted to tear down the apartments and build a mid-rise condo tower. But the condo market went bust, and the property lapsed into foreclosure.

Larkspur bought it out of foreclosure in March for 1.6 million dollars. Bernstein says the condo market is not good in Ft. Myers, so his company will look to rent the 52 units for the high 600's a month to the low 700's. Each unit is 900 square feet and has two bedrooms and one bath.

"They are doing the right thing. The rental market is hot here, because of all the people who have lost homes to foreclosure," said Nils Richter of Market America, a real estate investment company in Ft. Myers. "These units will have a dedicated parking space, which is very attractive compared to other downtown rentals, and I believe they will attract singles and young couples who want to be close to downtown Ft. Myers."

Larkspur hopes that people can start moving in, next month.