Tuesday, January 29, 2008

Shelton developers put most of tower up for sale

Shelton developers retain brokers to market 68 units in a bulk deal
Monday, January 28, 2008
The developers of a North Dallas condo project have decided to put most of the building up for sale to a single buyer.
The owners of the Shelton high-rise in Preston Center have hired real estate brokers to market 68 unsold units in the building.
It's the second time in recent weeks that a Dallas condo developer has decided to opt for a bulk sale.
CB Richard Ellis has been selected to find a buyer for the units in the 105-unit Shelton tower on the Dallas North Tollway just south of Northwest Highway.
About 37 units in the 23-story tower have been sold to individual owners, according to CB Richard Ellis.
"We are hoping that someone will come in and take the bulk of the remaining units," said broker Bill Baxter, who's working with Mark Stymiest, Nita Stewart and Robert Key to market the property.
Built in 1983, the Shelton has been owned by Dallas-based Dunhill Partners since 2006.
The building operated as apartments until Dunhill Partners bought the tower to convert it to condos.
The owners have spent $18 million on renovations including remodeling the lobby and building a clubroom, fitness center, putting green and heated pool with cabanas.
About 25 of the units that are for sale have been renovated, Mr. Baxter said.
"I think there is some upside with this property to do some higher-grade renovations because of the location," he said.
The tower overlooks some of Dallas' most affluent residential areas. According to online real estate sites, condos in the tower are listed at more than $400,000.
Earlier this month, the developers who renovated the historic Lake Cliff Tower in North Oak Cliff said they have hired real estate brokers to find a buyer for more than 30 unsold units.
The owner said a slowdown in sales prompted the move. Frey Young GroupThe 23-story Shelton tower in Preston Center has 68 unsold units. About 25 have been renovated, one broker said. The 105-unit Shelton was built in 1983. By STEVE BROWN / The Dallas Morning News