Triangle Business Journal: The Vue converting to apartments06/29/2012
Triangle Business Journal by Will Boye - Click to view original article
Friday, June 29, 2012, 12:10pm EDT
It's official: Northwood Investors, the New York investment firm that won The Vue Charlotte at a foreclosure auction earlier this month, is converting the 391 unsold condo units to luxury apartments.
David Ravin, president and chief executive of Northwood Ravin, says his firm began setting up a sales center at the property this morning and will be able to write leases shortly. The units will lease for $1,300 to $5,000 per month, he says.
"We're anticipating good demand," says Ravin, who formed a joint venture with Northwood after he left Crosland. "There are certainly other things coming, but not really comparable in terms of location or type of product."
According to research firm Real Data, the apartment vacancy rate uptown is the lowest in the market at 3.5%, and the average rent is the highest at $1,216 per month.
The units at The Vue range from studios and small, one-bedroom units to three-bedroom penthouse units. Ravin says his firm already had been receiving calls from potential tenants who speculated that the 51-story building would be converted to rentals.
"There are a lot of people that just want to get into it and see it," he says. "We're focused on the people who want to live here."