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Athena Puts 103 Condo Units on Market

ARLINGTON, VA-More building owners are opting for duel leasing and condo strategies now for struggling former condo projects.

By Erika Morphy | Updated on February 29, 2008

ARLINGTON, VA-The owner of an Arlington condo property–the Grove at Arlington Square–has put a group of available condos on the market. The building’s make up–there are 103 unsold units out of a total of 190, which are a mix of apartments and condos–represents the latest trend among multifamily and condo owners and operators: namely, to split the difference between the two strategies and ride out the current environment until the market returns.

Right now the New York City-based Athena Group maintains both a sales and leasing office at the site, Craig London, VP with Coldwell Banker Commercial Ideal Realty Group tells GlobeSt.com. Coldwell was tapped two weeks ago to market the bloc of units. The average sell out price has been $392,000 per unit.

“There are a couple of different strategies for somebody who would come in and purchase this bloc of condos,” he says. “A warehouse strategy is one option, where the owner could try to get minimally acceptable return for the next few years until market comes back. Another is to buy back units that have been sold; yet another is some combo of buying back and relocating units that have been sold so you can reconstitute the property and separate it into a contiguous apartment block and contiguous for sale condo block.”

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