Condominium Conversion: Winfield Chase

Atlas Real Estate Advisors  /   March 24, 2025

The Winfield Chase project at 1688 Prince Avenue exemplifies a successful value-add strategy, transforming a stabilized apartment community into a fee-simple condominium development. Situated in the highly sought-after Prince Avenue corridor—just minutes from downtown Athens, the University of Georgia, and Piedmont Athens Regional Medical Center—the property was ideally positioned for conversion amid strong market demand and limited urban homeownership opportunities.

Originally constructed in 1985, the apartments remained popular through the 1990s. By the early 2000s, Atlas identified growing demand for affordable homeownership in Athens and partnered with an investor to convert the 56-unit community into individually owned condominiums. The strategic conversion was completed in 2006–2007.

Timing Is Everything

The decision to convert Winfield Chase aligned perfectly with market dynamics:

• Population growth in Athens increased demand for long-term residence options.

• Rising rental rates created an opportunity to offer entry-level ownership alternatives.

• Target buyers included university faculty, medical professionals, and young professionals seeking in-town properties.

With its brick facades, spacious floor plans, and walkable location, Winfield Chase provided the ideal foundation for a successful condominium conversion.

Value-Add Strategy

The conversion process involved extensive planning and execution, including:

• Preparing condominium documents, surveys, and titles

• Forming a homeowners association and separating utilities

• Upgrading individual units with modern kitchens, refreshed flooring, updated lighting, and in-unit laundry in select homes

• Enhancing common areas, landscaping, parking, and signage to reflect condominium standards

Atlas supported the project throughout, from connecting the investor with local vendors to advising on pricing, design selections, and marketing strategy.

Sales and Marketing

At the time,  Atlas operated a residential division and represented the seller in the sale of all 56 units to end-users. Winfield Chase now hosts a diverse mix of owners—from first-time buyers to downsizing retirees—drawn by the community’s character, convenience, and affordability.

The project not only increased the property’s value but also strengthened neighborhood stability and fostered pride of ownership along the Prince Avenue corridor.