Wednesday, April 22, 2015

Apartments near SMU switching to condos

The Shelby on SMU Boulevard has 55 units. (Marquis Group)
The Shelby on SMU Boulevard has 55 units. (Marquis Group)
Developers plan to convert a high-density apartment project just east of Southern Methodist University to condo ownership.
The 55-unit Shelby apartments on SMU Boulevard near North Central Expressway will be sold starting at $185,000. The 5-story apartment project opened in 2008.
The rental community has been popular with SMU students.
Owner Marquis Group is opening models to sell the apartments this weekend.
“With just 55 homes available, the development represents an amazing opportunity to own in one of the hottest markets in the country,” Brent Halvorson, vice president of Marquis Group, said in a statement.
The urban-style apartment project – which includes groundfloor retail space – was built on the site of a garage once used by automotive designer and racer Carroll Shelby.
While homes are in short supply in the Dallas area, this is one of the few cases where apartments are being converted to ownership.
“I am honestly not aware of anything in this cycle that has converted to condo,” said Greg Willett with Carrollton-based apartment analyst MPF Research. “We’ve seen it in some other markets but this is the first time I’ve seen it here in a long, long time.
“Most of the new apartments that have been built are not for that exit strategy.”
Steve Brown, The Dallas Morning News