The partners paid Oakwood Atlanta LLC $52.5 million, or about $120,968 per unit, but they didn't close on the property until Feb. 1 of this year. They renamed the 40-story building 1280 West, converted the units to condos and have sold 313 of the 434 units for an average $185,000 or an aggregate sales total to date of $5.79 million.
"The market for first-home buyers is very viable," Thomas Schmitt tells GlobeSt.com. "Buildings with smaller units and great locations will enjoy strong sales results and prospects for a strong market will continue for these types of buyers throughout the year."
Schmitt adds, "Low interest rates are driving this market because they are making the prices for purchasing versus renting very inviting."
Schmitt says 20% of the former apartment tenants have bought converted condos. Prices start in the $100,000s for studios, one-bedroom and two-bedroom homes, and go to $1 million-plus for larger penthouse units.
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