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Thursday, 9 February 2006 | Elif Sungur
Apartment Community will be Converted to Condominiums
Montecito Walden, LLC, an affiliate of Montecito Property Company, LLC, has acquired Walden Park on Whitemarsh Island in Savannah, Georgia with the intention of converting the apartment complex into condominiums.
The 220-unit complex, to be renamed Mercer Point at Whitemarsh Island, features one-, two- and three-bedroom floor plans ranging in size from 842 square feet to 1,528 square feet. Situated on the south side of Whitemarsh Island, select units at Mercer Point offer spectacular views of area marshland.
Montecito will begin offering the units to residents shortly and plans to hold its Super Saturday sales event on March 4. The condominiums are expected to range from the high $90s but pricing has not been finalized.
Units feature raised-panel cabinetry, G.E. white appliances, built-in computer niches, crown molding, chair railings, laundry closets with hookups for full size, side-by-side washer/dryer, optional monitored alarm systems and exterior storage closets on the screened patios/balconies. Mercer Point residents can take advantage of a resort-style swimming pool with cabana, gated community access, fitness center with 24-hour access, picnic and grilling areas, children's play area, poolside internet access, a lighted tennis court, car wash area, and attractively landscaped grounds.
Jacksonville, Fla.-based Montecito Property Company specializes in converting apartments in desirable destinations to condominiums. In 2005, the company generated more than $1 billion in real estate sales. The secret to Montecito's success is acquiring apartment communities in desirable neighborhoods and selling them at competitive prices that give great opportunity for first-time buyers, second-home seekers, and investors.
"Mercer Point at Whitemarsh Island is a wonderful find as it provides homeowners with the opportunity to live a laid-back lifestyle just minutes from downtown Savannah, surrounded by a beautiful wildlife sanctuary," said Chip Conk, CEO of Montecito Property Company. "We recently have had great success in nearby South Carolina and we're confident we will see similar results in our first Savannah endeavor."
Recently, Montecito Property Company successfully converted The Estate at Westbury, a 320-unit condominium property in Bluffton, SC.
Interested homebuyers and those looking for more information about Mercer Point at Whitemarsh Island can stop by the sales office at 100 Walden Park Drive.
About Montecito Property Company
One of the fastest-growing property development companies in America, Montecito Property Company acquires real estate in major multi-family communities for conversion to upscale condominiums. The Jacksonville, Fla.-based company currently owns properties in Arizona, California, Florida, Georgia and South Carolina. In recent years, it has emerged as one of the nation's premier condo-conversion specialists. For more information, please visit http://www.montecitopropertycompany.com
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