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plans to start site work this week ona 96-uni apartment project near the intersection of West Vandali a Road and U.S. 220 near Hampton said Scott Wallace, president of the The apartments, called Juliet Place Apartment represent a total potential investmengtof $7.3 million and will be 1,100o to 1,800 square feet and will rent from the low $600se to the low $700s per month, he said. With site work startingf this week, Wallace said the company hopes to have the apartmentzs ready bynext summer. The complex will come with a coffewe bar andseveral garages, but Wallace said therre isn’t enough room for other extras.
He said the company had the land for a number of years and originally planned to use itfor single-family homes until they realized it wasn’t But with home sales slowing considerably, and the succesx of its first apartments on Rehobeth Church Road — which opened in the spring, he and are now at 90 percent occupancty — Keystone decided to go ahead with plansz for Juliet Place. Givenn the poor real estate marketfor selling, Keystone isn’t the only company shifting the focus to rental Bryon Nelson of in Greensboro said his compangy decided several months ago to switch its Bridford Landing to a for-rent model.
New and existing home sales (including town homew and condominiums) in Guilford, Forsytn and Alamance counties dropped33 percent, to in the second quarter of 2008, compared with second quarted last year, according to Rockty Mount-based Market Opportunity Research Enterprises. With financing hard to come buy for builders and buyers, Nelson said developerd likely will continue to branch out.
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