Prices for the second phase will range from $120,000 into the $180,000s, just slightly higher than units completed during the first phase. Homes combine historic features with modern amenities. Among those amenities are nine-foot ceilings, original refinished wood floors, period moldings, stainless steel appliances, new maple cabinetry and controlled access entries.

Braden Fellman president Preston Snyder tells GlobeSt.com that construction on some of the units in the second phase started earlier in the year as existing residents vacated apartments. "We start construction as units become available," says Snyder. "We expect the entire building to be in construction by September, with the building sold out by the end of the year."

Braden Fellman purchased the two-building 1920s vintage Frederica Apartments in August 2004 for $3.3 million. The first phase included the $6.1-million conversion of one of the buildings that contained 26 units. Units in that asset ranged from 500-sf studios and one-bedroom units to a 700-sf carriage house. Prices for those units ranged from $109,900 to $189,900.

Prices for the current phase, which will contain one-bedroom units ranging in size from 500 sf to 700 sf, will begin at $129,900. Renovations will be similar to those completed in the first phase. "We're pretty much sticking to the original plan," says Snyder.

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