By Scott Taylor,Staff Writer

AUBURN – An apartment complex on Stevens Mill Road will reopen as condominiums this spring, with 20 moderately priced units for sale.

The project north of Minot Avenue will be designed for young families, said developer Travis Soule.

“We’re aiming at the people who are tired of renting, who’ve come to the conclusion that they’re pouring that money down a hole,” he said.

Soule expects to sell the one- to four-bedroom condos for between $120,000 and $135,000.

He has owned the apartment complex since March 2004. He and his partners planned all along to convert the property under the right economic conditions.

“For us, it had just reached the point where the costs outstripped the rents,” Soule said. “We were at a point where we could do this, and get started, or just write a check every month to make things balance.”

The buildings are vacant now – the last tenant moved out early in December – and crews have started on renovations.

Almost all of the work is inside, with crews replacing counter tops, carpeting, fixtures and household appliances.

All of the units will be wired with computer network connections and have wireless network hubs built in.

“This will be a fully connected property when it’s done,” Soule said. “We’re aiming for those younger families and most are used to having that kind of thing in their lives. They count on it.”

The complex’s three buildings were in good shape when he took over, leaving little structural work to be done.

That’s one part of his strategy to keep prices low when the condos go on the market.

“I think this is really the only way to do new, affordable housing,” Soule said. “You take existing housing, renovate it and sell it as new homes. It lets the people get out of renting and start putting away some equity and they get what amounts to a new home.”

A federal loan, through the city of Auburn, is the other key to keeping costs low.

The project will get a $250,000 affordable housing loan through the city’s HOME program, which uses federal Housing and Urban Development money to help low-income people.

According to the agreement, 10 of the units will be set aside for lower-income families, those making 80 percent of the local median wage: $40,900 per year for a family of four or $28,600 for a single person.

People who qualify for the moderate-income condominiums will agree to take on $25,000 of the HUD loan as part of the purchase price.