The condo conversion craze strikes again -- this time in Dilworth.

Grubb Properties plans to transform Sterling Dilworth Apartments at Latta Pavilion into 1315 East Condominium.

The complex's 162 studio, one-bedroom and two-bedroom units -- some atop East Boulevard shops and restaurants -- will be offered for sale from the high $160,000s to the $420,000s.

The conversion trend is a national phenomenon, and the real estate grapevine has been humming for weeks with speculation about which Charlotte apartments might go next.

Sterling Dilworth appears to be as perfect a candidate as you could find.

Like the most successful conversions in Charlotte, it's in a desirable urban neighborhood that most of its potential buyers probably couldn't afford otherwise.

"The majority of these homes are priced in the $100,000s and $200,000s -- a relatively unheard of price point in Dilworth," said the director of residential sales.

Among other high-profile conversions, Eastover Glen Apartments, off Randolph Road across from the Mint Museum of Art, has become the Villages of Eastover, a 128-condo community.

And Fifth And Poplar Apartment Homes in Fourth Ward has sold about half its 304 units as condos over the past 3 1/2 months.

In addition to Sterling Dilworth Apartments, Latta Pavilion, on East Boulevard between Scott and Kenilworth avenues, includes condos, shops, restaurants and offices in close proximity to parks, tree-lined streets and services ranging from coffee shops to grocers.

 Grubb officials decided to convert after focus group interviews with renters from several apartment communities indicated a strong interest in ownership.

"We've had renters tell us for years that they'd love to buy their homes here, so we finally decided to let them," said Missy Clements, Sterling Dilworth's property manager.

Grubb Properties said residents of the apartments -- about 97 percent leased -- have the right of first refusal on their units. They will have 30 days from notification to decide on purchasing.

Typically, about 5 percent of renters in a conversion project choose to buy, but based on Grubb's initial interest this project could do better.

Real estate analysts say going condo enables apartment owners to take advantage of a hot homeownership trend and cash out at the top of the market.

Sterling Dilworth's total sellout value is expected to total about $40 million.

The conversion will occur in phases. Roughly 40 condos are expected to be available by early November in the initial phase.

Non-purchasers won't have to move until their leases expire, Gilliam said. He expects the project to sell out by late next year.

Grubb Properties has opened a sales center in the management office of the Sterling Dilworth complex and is keeping a list of people who are interested. The apartment complex, built around an internal courtyard and fountain, reaches five stories on one side and eight on the other.

Grubb Properties said about 6 percent of the units are studio, 59 percent one-bedroom, and 35 percent two-bedroom. Units are 627 to 1,701 square feet.

Latta Pavilion, developed about three years ago, includes 388,000 square feet of buildings and 440 underground parking spaces on roughly three acres.

The mixed-use project's existing condos -- 101 flats, townhomes and penthouses facing Fillmore Avenue at the back of the site -- will share amenities with 1315 East. Both condo projects will be managed by the same company but will have separate homeowners associations, Gilliam said.

1315 East

Apartment converters often upgrade units with such features as granite countertops, stainless steel appliances and hardwood floors, but Grubb Properties is offering Sterling Dilworth units for sale as-is.

Brannon Gilliam, director of residential sales and leasing, believes that will keep prices affordable, enable buyers to move in quickly and generate a larger pool of potential owners.

If buyers want to upgrade, he said, Grubb can get them deals with preferred vendors.

The concrete-and-steel complex has 9-foot ceilings in most units, private balconies and terraces in select floor plans, carpet in living areas and bedrooms, furnished washers/dryers and secured parking at one space per bedroom.

All residents have access to upper and lower courtyards, a fitness center and a rooftop terrace with grilling areas.