New Owners Putting $500K Into Rehab of Cornwallis Manor

The new owners of 51-year old, 66-unit Cornwallis Manor are spending about $500,000 to upgrade the community they bought for $1.9 million last November. The Triad Business Journal has the story:

 Built in 1965, the complex includes one- and two-bedroom units ranging in size from 616 square feet to 927 square feet. There are 40 one-bedroom apartments and 26 two-bedroom apartments, Sloop said…

Common areas have been refurbished, and a fitness center and storage cages have been added for residents. In the spring, the owners will paint the building’s exterior and seal-coat the parking areas, Sloop said. About $500,000 will be invested in the overhaul, he said.

Units will be upgraded as they turnover, and will rent for $895 to $1,095 monthly, he said. Wrenn Zealy Property Management is the leasing agent and property manager.