Downtown Loft Building Sold, Will Be Converted to Condos
A prominent building on First Avenue North will be converted into condominium units.
In a recent transaction, Engel Lofts Co. sold the property at 2329 First Ave. N. to an entity called 2329 First Avenue North LLC, which includes local residential developers Margi Ingram and John Chapman. According to public records, the price was $2.6 million.
Michael Johnson of Engel Realty represented the seller in the deal.
Engel and a group of investors purchased the property in 2016 with plans to make upgrades in each of the units. The building is from the 1920s era and has previously been known as Whitaker Lofts and also Wooten Lofts.
The building consists of 14 loft units which will be converted from rentals into for-sale product. The deal happens at a time when there is growing demand for downtown condos but very little supply.
Many in Birmingham’s real estate industry have said they expect to begin to see more condos coming on line downtown as more residents look to move into the city center.