Austin Condo Conversion or I want to do that too!
SUMMERFIELD SUITES CONVERTING TO CONDOS
AUSTIN (Austin Business Journal) – Developer Bill Hale has purchased the Summerfield Suites near Northcross Mall at 7685 Northcross Dr. with plans to convert the hotel to condominiums.
Each of the 11 buildings has 18 units that will continue functioning as hotel rooms while the conversion is conducted in phases. The project will include a mix of one-bedroom units at around 575 square feet and two-bedroom units at around 850 square feet. On the ground floor, 20 units will serve special-needs residents.
The city is purchasing 34 one-bedroom and six two-bedroom units to resell through its affordable housing program. Paul Hilgers, director of neighborhood housing and community development for the city, says the project is significant because it will be the first for-sale affordable housing in the city's program west of I-35.
comments: I need to find something like this myself. I think Austin is still an excellent place to invest in since it is relatively small compared to other cities. Case in point, my brother lives in Austin and suggests that long-distance driving in Austin is having to drive over 15 minutes. Contrast that to Houston (used to live there) and the DC area (where I live now), you'd be lucky if you get anywhere part of downtown Baltimore or DC (specially if you are in the suburbs) in less than 30 minutes.Anyway, if anyone has or knows of an ugly or vacant apartment complex or hotel in the Austin area, I'd be interested in talking further or better yet let's partner!
-----
If you want to find out more about this blog post or what Esenai (my real estate and technology consulting company) can do for you, call me at 240-441-5086 or email me. (just remove the "-spamnot" from the email address.) Marvin a.k.a. eMarv
