The one- and two-bedroom units are selling from $130,000 to $180,000, undercutting the competition, which sells from $210,000 to $229,000.
"We're finding that the magic number is under $200,000," says developer Kevin Moats of Moats and & Associates.
The conversion consisted of major changes to the lobby, a re-worked entrance, and new carpet, lighting, and paint in the corridors.
The developer did not upgrade the units because it would have increased the price point and therefore decreased its market advantage.
Half of the buyers are adding hardwood floors, and one-quarter are opting for new cabinet fronts and granite or Corian countertops.
Why it worked: Constructed as rental apartments before the Summer Olympics in 1996, the building was just converted to condos by the original developer, allowing it to come in under market on the prices per square foot.
Project: Peachtree Walk, Atlanta,; Sales started: April 2001; Sales through November 2001: 120; Units planned: 218; Price: $130,000 to $180,000; Unit size: 700 to 1,100 square feet; Builders/Developers: Moats & Associates, Atlanta, Howington & Associates, Atlanta, Minerva Properties, Atlanta; Architect:Niles Bolton Associates, Atlanta; Interior designer: DEI, Atlanta
Learn more about markets featured in this article: Atlanta, GA.