June 6, 2003
Paul Davis-The Business Journal
Greensboro apts. being converted into for-sale condos
A Charlotte-based real estate company is moving ahead with plans to convert a Greensboro apartment community into for-sale town homes after reaching its pre-sale commitment.
First LandMark, USA last year announced plans to turn the 126-unit Chapel Watch apartments on Muirs Chapel Road into town homes. The company, which bought Chapel Watch in the late 1990s, needed 50 contracts before sales could begin.
Chapel Watch Sales Manager Terrence Llewellyn said his company has met the requirement, signing 56 contracts on the two- and three-bedroom units.
“Now we’re actually closing sales,” he said, adding that contracts are valued at $5 million, or four times the amount invested so far to make improvements to the former apartment community.
“It has turned into a really great place for people to live,” Llewellyn said. “The improvements we have made, such as new roofs and parking lots, will be very beneficial to the property owners.”
Though apartment conversions were typical in the 1970s and 1980s, they haven’t occurred that much in the last decade, industry observers said.
Chapel Watch isn’t the only conversion planned in the Triad, as empty apartment units reach historical highs as low interest rates entice more renters into homes.
Thomasville-based Brokers Inc. has been planning to turn the 96-unit Eastgate Village on Ardale Drive into for-sale condominiums.