The value of the contract wasn't disclosed but the deal increases the value of CondoLane's portfolio to $126 million, says Pratt Farmer, the firm's director of operations. "New Life has tapped into an excellent market--homeowners who want to enjoy their independence and forget about home maintenance," Farmer says.
The condos are priced from $120,000 to $190,000. They are the Cottages at Cascade, 101 Cottsford Dr. in southwest Atlanta, 68 units; Cottages at Bells Ferry, 2301 Barrett Cottage Place, East Cobb County, 50 units; Villas at Evans Mill, 77 Camry Circles, Dallas, GA in Paulding County, 78 units; Villas at Riverstone, 209 Riverstone Place, Canton, 84 units; and Villas at Pebble Creek, 2766 Camry Lane, Grayson, 102 units.
Farmer says the trend is continuing of "homeowners who want to enjoy their independence and forget about home maintenance." Each community has a clubhouse, fitness room and pool. The cottages and villas, which have attached garages, have either one story or a master bedroom on the main floor. Each community offers a mix of floor plans with two, three or four bedrooms.
Prices are in the $170s at two-year-old Cottages at Cascade for 1,500 to 1,800 sf of living area; in the $180s at one-year-old Cottages at Bells Ferry for 1,500 to 1,900 sf; and from the $120s at 18-month-old Villas at Evans Mill (1,150 sf to 1,500 sf), six-month-old Villas at Riverstone (1,400 sf to 1,600 sf) and two-year-old Villas Pebble Creek (1,400 sf to 1,600 sf).
Cottages at Cascade is the hottest seller to date, posting 53 sales and an occupancy of 77%. Villas at Pebble Creek has sold 40 units and has a 39% occupancy. Villas at Evans Mill has 20 sales on the board and an occupancy of 25%. Villas at Riverstone has 10 sales and an 11% occupancy. Cottages at Bells Ferry has sold four units for an occupancy of 8%.
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