The owner, Grandeville in Delaney Ltd., is investing $2 million in the conversion. Mark Kinchia, president, Winfield Construction Co., is a part owner in the venture.
The property's new name is Lakeside at Delaney Park with asking prices of $100,000 to $350,000 per unit at the five-story complex at 1100 South Delaney Ave. The average price is expected to be about $160,000 per unit, Robert E. Smith, president, Smith Equities Corp., tells GlobeSt.com.
"At today's low interest rate, this should be a great deal for renters," says Smith. "When the tax benefits of home ownership are taken into consideration, the total cost of owning an apartment at Lakeside at Delaney Park may be lower than existing rents."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
