Braden Fellman Starts Second $6M Condo Conversion

Preston Snyder, president of the 25-year-old firm, tells GlobeSt.com he expects the first-phase sellout to be completed by the end of this year and the second phase done in 2006. Asked if Braden Fellman can make money on such a compact project, Snyder says the company "wouldn't be doing the project if we did not anticipate profit in the deal."

The developer previously sold out the 33-unit Greenwood Lofts, also a condo conversion in the same submarket. Greenwood was priced from the $140,000s to the $360,000s. Developing and redeveloping small multifamily properties, "small to mid-size, intown is our specialty," Snyder says. The total budget estimated sellout is $6.5 million.

The projected starting price range of the Frederica units are $109,900 for studios; $117,900 for small one-bedroom units; and $169,900 for larger units. The most expensive condo will be $189,900. "Those price points in a very desirable location suggest a good opportunity [for Braden Fellman] in the marketplace," Snyder tells GlobeSt.com. The two-story property is at 733-741 Frederica St. NE.

Sixteen studios and 12 smaller one-bedroom units will each offer 500 sf of living area; 12 larger one-bedroom units will have 715 sf; four one-bedroom balcony units have 750 sf; and one carriage house unit will have 700 sf. As an apartment property, the Frederica's monthly rent range was in the mid $600s to the low $1,000s. Braden Fellman purchased the Frederica property from Frederica Oaks Associates LLC.

Besides the Frederica and Greenwood Lofts, other completed Braden Fellman ventures include Ice House Lofts and Acme Lofts in suburban Decatur, 900 Peachtree in Midtown, Mattress Factory Lofts Downtown; and the Wagon Works in East Point.