The property, at 3650 Ashford-Dunwoody Rd., will be called the Park at Ashford and will offer 180 one-, two- and three-bedroom condo homes for under $120,000 to $170,000. "Unit renovations are being phased since the units are occupied but individual units will be available between March 2004 and March 2005," Southeast Capital partner Michael Blair tells GlobeSt.com.
Southeast and Fletcher Bright paid New York-based Sentinel Real Estate Corp. $13 million, or about $72,222 per unit, for the property. Existing rents are $700 to $1,000 per month.
The Colonnades conversion follows a similar pattern being seen in several Southeastern metro areas. "The major draws to the property were the location, the density and feel of the property, and the potential for very affordable homes, compared to other housing in the area," Blair tells GlobeSt.com.
He says the location is "incredible--less than five minutes to the Perimeter/Dunwoody/Sandy Springs area; five minutes to Brookhaven/Lenox; and 10 minutes to Buckhead." The property also offers "great access to GA 400 and the northside loop of Interstate 285," Blair adds.
Other factors also attracted the developer and his partners to the property. "The feel of this older property is great--low density, a very mature landscaped site and a private lake setting," Blair says. "Finally, this property is surrounded by other for-sale housing within just a two- or three-mile radius that ranges anywhere between $300,000 and $700,000-plus," he says. "This will provide an incredible value for the area."
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