Monday, May 07, 2007

Uptown Condo Conversion - $42k/Unit

San Carlos Associates LP has purchased the 153-unit San Carlos Apartments for more than the $6.5 million asking price.
The local condo converter plans to invest millions in rebuilding the 12-building complex at 5010 Maple Ave. San Carlos Apartments was fully occupied at the time of sale.
Sam Lewis, senior adviser for Hendricks & Partners, says the buyer will gut the buildings to renovate mechanical systems and build from the inside out so that the condos will be like new. San Carlos Associates plans to price the condos below the area's $300,000 and $400,000 bracket.
Built in 1963, San Carlos Apartments has two efficiency units, five three-bedroom units and 24 one-bedroom units. The rest have two-bedroom floor plans. Units range from 300 to 1,152 square feet. Monthly rents range between $350 and $950.