The conversion has a projected build-out value of $62.2 million or about an average $199,464 per unit, according to Robb Kenyon, Wolf's local representative. The condo price tags will be below the $300,000-plus single home prices at 20-year-old, master-planned Hunter's Creek.

"The conversion of Villanova to condominiums will serve the backlog of buyers demanding entry-level priced homes in the Hunter's Creek area," Kenyon says. "With interest rates still low, Villanova will provide many renters with an ownership option that will cost less than their current rent."

He expects a rapid sellout and is confident the condos "will attract first-time homebuyers, as well as downsizing empty nesters and those looking for a second home in proximity to the area's theme parks."

Kenyon declined to disclose the conversion cost but area brokers familiar with comparable conversions in similar suburban markets tell GlobeSt.com the number will probably be about $2 million. Condo living area will range from 840 sf to 1,634 sf in 12 floor plans.

Wolf's company, Villanova at Hunter's Creek Joint Venture LLC, is handling the conversion. Coldwell Banker the Condo Store is directing sales and marketing. New World Financial is providing the renovation funds.