Novarre Group's 27-story, $73M Catalyst tower began life in 2007 as an uptown condo project. But by the time it was finished two years later, its developer was in financial trouble and the Catalyst languished until it was later converted to luxury apartments. The 462-unit high-rise now contains one- and two-bedroom apartments listing for $1,199 to $1,599 per month. It's more than 90% occupied. Condo development, particularly in the uptown area, soared for more than 10 years. The only problem: apartment construction was on the rise as well. Uptown apartment vacancy just one year ago was more than 24%, according to market watcher Real Data. But even with condo conversions, more recent demand for apartment space has been so strong vacancy has dropped to a current level just under 6%. |
CONVERSION A CATALYST
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