Condos are hotter than ever. In fact, the median price for a condo in 2004 exceeded the median price of a single-family home. Rental developers want in on the action, and Post Properties is no exception.
Post's first condo deal: Carlyle Square, a145-unit loft-style luxury project in Alexandria, Va. The $95 million Carlyle development will also include 205 luxury apartment units, 20,000 square feet of ground floor retail space, and 470 underground parking spaces.
Post is responding to market demands, says Tom Senkbeil, Post's chief investment officer. “We're finding more of our customer base—the renter by choice—is really making the decision [that] they would like to own a condominium rather than rent an apartment,” he says. “We're extending our service to the next phase of their life.”
To ensure the development's for-sale component goes off without a hitch, Post partnered with PN Hoffman, an experienced condo developer in Washington. Post expects to begin delivering units in the second quarter of 2006. Post also owns land on the adjacent city block, which is likely to house 325 additional units in a later phase.
The Carlyle development will offer all the usual bells and whistles, like granite countertops and stainless steel appliances in the units, plus a pool, landscaped courtyards, and health club. But the project's biggest amenity, says Senkbeil, is its premier location near Old Town Alexandria—a quaint, historic area with restaurants, shops, and a Metro station.
Expect to see more Post-branded condos, especially sites combining rental and for-sale unit to appeal to a broader market, says Senkbeil. And in addition to new condo construction, Post plans to convert several of its existing apartment buildings into condos. Hey, as the saying goes, “If you can't beat 'em, join 'em.”