Pair renovates building for near-downtown lofts
By ROBERT EVATT World Staff Writer
8/25/2006
View in Print (PDF) Format
More and more investors are developing spaces for downtown living.
But Michael and Dannelle Newnam are finishing up something different in the area -- inexpensive apartments.
Breckenridge Lofts, one block north of Interstate 244 at 215 W. Fairview St., has been completely remodeled by its two new owners and is being marketed to young professionals.
Though the apartments -- at 406 to 761 square feet -- are somewhat smaller than other downtown living options, they do have a vast price advantage. One-bedroom units are renting for $375 per month, while two-bedroom places go for $450.
"We're trying to fill a need in the market for a lower-cost solution to housing," said Dannelle Newnam. "We're making the apartments attractive, clean and secure without charging an outlandish amount."
"Attractive, clean and secure" weren't words that could have described the complex when the Newnams decided to purchase it for $515,000 last summer. Dannelle said Breckenridge had fallen into a state of disrepair and was a center of assorted illegal activities.
Still, the two decided that the building was an attractive investment, especially with the renewed push to revitalize downtown.
"We felt that the downtown
area would really be taking off soon," Dannelle said. "We're excited at the future prospects there."
After considering various options, the Newnams decided to empty the complex of both people and decorations, and start anew.
Each of the rooms has received new flooring, paint and furnishings, and the complex and surrounding landscape has gotten a face-lift.
The Newnams will have spent $60,000 once the renovations are finished in the next month, Dannelle said, adding that much of the construction work was carried out by family members.
She said the effects of their work hasn't stopped at their building.
"The whole area has improved tremendously since we emptied it out," she said.
The renovated apartments will be targeted to students and young professionals just starting their careers at downtown companies, said Lisa Grimes, listing manager for Accent Realtors, the managing company for the apartments.
"It can be hard finding a first place right out of college," she said. "We want to make downtown living more accessible."
Accent Realtors will host an open house at the apartments 2-4 p.m. Saturday.
Here's a good website I found for the Brady Heights neighborhood http://www.bradyheights.com/home.html
By ROBERT EVATT World Staff Writer
8/25/2006
View in Print (PDF) Format
More and more investors are developing spaces for downtown living.
But Michael and Dannelle Newnam are finishing up something different in the area -- inexpensive apartments.
Breckenridge Lofts, one block north of Interstate 244 at 215 W. Fairview St., has been completely remodeled by its two new owners and is being marketed to young professionals.
Though the apartments -- at 406 to 761 square feet -- are somewhat smaller than other downtown living options, they do have a vast price advantage. One-bedroom units are renting for $375 per month, while two-bedroom places go for $450.
"We're trying to fill a need in the market for a lower-cost solution to housing," said Dannelle Newnam. "We're making the apartments attractive, clean and secure without charging an outlandish amount."
"Attractive, clean and secure" weren't words that could have described the complex when the Newnams decided to purchase it for $515,000 last summer. Dannelle said Breckenridge had fallen into a state of disrepair and was a center of assorted illegal activities.
Still, the two decided that the building was an attractive investment, especially with the renewed push to revitalize downtown.
"We felt that the downtown
area would really be taking off soon," Dannelle said. "We're excited at the future prospects there."
After considering various options, the Newnams decided to empty the complex of both people and decorations, and start anew.
Each of the rooms has received new flooring, paint and furnishings, and the complex and surrounding landscape has gotten a face-lift.
The Newnams will have spent $60,000 once the renovations are finished in the next month, Dannelle said, adding that much of the construction work was carried out by family members.
She said the effects of their work hasn't stopped at their building.
"The whole area has improved tremendously since we emptied it out," she said.
The renovated apartments will be targeted to students and young professionals just starting their careers at downtown companies, said Lisa Grimes, listing manager for Accent Realtors, the managing company for the apartments.
"It can be hard finding a first place right out of college," she said. "We want to make downtown living more accessible."
Accent Realtors will host an open house at the apartments 2-4 p.m. Saturday.
Here's a good website I found for the Brady Heights neighborhood http://www.bradyheights.com/home.html