CTroyMathis
21 December 2002, 02:37 PM
Developer plans to turn renters into homeowners
Firm is buying Uptown apartments, converting them into condos
12/06/2002
By STEVE BROWN / The Dallas Morning News
An Atlanta developer is betting that Uptown apartment renters will make good homeowners.
Miles Properties Inc. is buying high-end rental projects in close-in Dallas neighborhoods and converting them to condominiums. Its second such project is the 114-unit Live Oak Lofts just east of downtown.
The 3-year-old brick apartment building at Good-Latimer Expressway and Live Oak Street will be turned into condos with an average purchase price of about $150,000, said Brad Brown of Miles Properties.
"We're trying to provide an affordable alternative to all the newly constructed condos and town homes in the Uptown area," he said.
"There is a big buzz about living in town all across the country right now."
Miles Properties has already begun one conversion.
Earlier this year, it bought the Parkwood apartments in the Knox-Henderson area.
The 96 units are being sold as condominiums with an average cost of about $140,000, Mr. Brown said.
And the developer is shopping for more deals.
"We've done four conversions in Atlanta – townhouses and high-rise," he said.
"We are looking for in-town urban locations in good neighborhoods."
Firm is buying Uptown apartments, converting them into condos
12/06/2002
By STEVE BROWN / The Dallas Morning News
An Atlanta developer is betting that Uptown apartment renters will make good homeowners.
Miles Properties Inc. is buying high-end rental projects in close-in Dallas neighborhoods and converting them to condominiums. Its second such project is the 114-unit Live Oak Lofts just east of downtown.
The 3-year-old brick apartment building at Good-Latimer Expressway and Live Oak Street will be turned into condos with an average purchase price of about $150,000, said Brad Brown of Miles Properties.
"We're trying to provide an affordable alternative to all the newly constructed condos and town homes in the Uptown area," he said.
"There is a big buzz about living in town all across the country right now."
Miles Properties has already begun one conversion.
Earlier this year, it bought the Parkwood apartments in the Knox-Henderson area.
The 96 units are being sold as condominiums with an average cost of about $140,000, Mr. Brown said.
And the developer is shopping for more deals.
"We've done four conversions in Atlanta – townhouses and high-rise," he said.
"We are looking for in-town urban locations in good neighborhoods."