Monticello Overlook

As a response to substantial growth in Charlottesville, VA’s home prices that priced most first-time out of the housing market, Octagon Partners provided 47 affordable condos through its apartment-to-condo conversion of Monticello Overlook.

Monticello Overlook, located just outside of Charlottesville’s historic downtown, was originally built in the mid 80’s as an upscale apartment complex. Octagon’s conversion in 2004 took advantage of low interest rates, a limited supply of first-time owner sites, a low price point, a solid location, and a well-maintained property.

Octagon installed a new roof, replaced HVAC units & hot-water heaters, re-finished the exterior and resurfaced the parking lots. To drive sales, Octagon offered upgrade packages at “cost.” For $20,000, packages included stainless steel appliances, tile, and hardwood floors.

Replete with amenities and views of the Blue Ridge Mountains, the units sold out in under six months, making it Charlottesville’s first successful apartment-to-condo conversion.

Project Timeline:

• Purchased land and existing apartment complex in December 2004
• Pre-construction and design phase from purchase to July 2005
• Declarant and remodeling construction phase from July 2005 to October 2007
• Sale of condominium units from October 2007 to February 2008