Beltline condos for $150,000

From ajc
By Rachel Tobin

The Atlanta Journal-Constitution

The Atlanta Beltline Inc. has taken a turn into the condo business.
On Monday, Beltline launched a marketing campaign for 30 units in a Memorial Drive condo building that it quietly bought in September. It hopes to sell the 2-bedroom units fast for $150,000 each and then go back to building parks, trails and a transit loop.

The Atlanta organization paid $3.7 million for the Triumph Lofts, which sits along the Beltline's path in the Reynoldstown neighborhood east of downtown.

For sale by Beltline: $150,000 condos

The South Beach-style condos in a former motorcycle factory fell into distress during the real estate bust, leaving the $200,000 to $300,000 units unsold. Then a tornado hit the building in 2008, causing some water damage.

“The private sector was unable to complete it," said Brian Leary, president and CEO of Atlanta Beltline Inc. "We it bought out of receivership and are basically serving as the developer of last resort.”

He said the move won't detract from Beltline's primary focus on greenspace and transit but fits with a mandate to spend some of its money on housing.