Older apartments face tough competition from new
communities in the rental market today, but those in the right location
are finding new life as condos.
Colonial Oaks, a mid-1960s complex in the 4300 block
of Walker Road, is the latest conversion project announced in the
Charlotte market.
Partners Ed Trevillian of Fidelity Construction LLC
and Raymond Jones of RVJ Investments LLC have begun refurbishing the 72
units for sale at prices ranging from $68,750 to $93,000.
They've renamed the complex The Cotswolds on Walker.
Trevillian, who scoured the city recently looking
for conversion candidates, said location was a key part of the decision.
The 11-building brick complex was developed among
trees on 4.8 acres off Sharon Amity Road in Cotswold, a few blocks from
the stores, restaurants and services clustered around Sharon Amity and
Randolph roads.
In addition, said Jeff Adams of Helen Adams Realty,
which is handling sales, the condos will be within a stable neighborhood
where home values fall mainly in $165,000 to $185,000 range.
Condo conversion was a hot trend during the 1970s
and early 1980s, but Charlotte has seen only a handful since then.
The last one before this -- 24-unit Windermere on
Queens in Myers Park -- sold out in a single day during June.
Adams, whose company also handled sales for
Windermere, said buyer demand was fueled by that project's location in
Myers Park, plus its convenience to uptown and the nearby Presbyterian
medical complex.
Trevillian believes The Cotswolds on Walker will
appeal primarily to 20-somethings investing in their first residences, but
he expects to see a mix of buyers.
Helen Adams Realty estimated that monthly payments,
based on current financing plans and interest rates, likely will range
from $450 to $840 a month at The Cotswolds on Walker.
Work is under way on renovating the first two
buildings, re-landscaping the grounds and refurbishing the swimming pool.
The initial units will be available next month, when
Helen Adams Realty plans to start sales with an Oct. 21 grand opening.
Colonial Oaks residents will get an opportunity to
buy into the project before the grand opening, but Adams said
traditionally few tenants seek to own in a complex where they've been
renting.
Adams said his sales team -- Curt Seifart Jr., Lana
Laws and Donald Lambert -- doesn't plan to accept contracts until the
opening event next month.
The complex has 54 townhomes and 18 flats, including
six single-story flats. Buyers can choose from three floor plans -- all
two-bedroom -- ranging from 720 square feet to 918 square feet.
Trevillian said condos will have new appliances,
plastic laminate counter tops, new fixtures, refurbished hardwood floors
and carpet in some areas.
For an extra charge, owners can buy a 5-foot by
7-foot storage unit.
Trevillian estimates the value of the conversion, to
be completed in phases of about two buildings at a time, at $6.2 million
to $6.7 million.
Fidelity Construction, Trevillian's company, is
doing the remodeling.
Architect Michael O'Brien of Neighboring Concepts is
working with architect Ross Ritchie on project design.
Trevillian has developed apartments and has done
building renovations, but this is his first condo conversion.
He said he plans to do more conversions if he can
find the right sites.
