Tuesday, May 19, 2015

Apartments near SMU switching to condos

Prescott Realty
Shelby apartments on SMU Boulevard near North Central Expressway

Developers plan to convert a high-density apartment project just east of Southern Methodist University to condos.
The 55-unit, five-story Shelby apartments on SMU Boulevard near North Central Expressway opened in 2008.
Condos will be sold starting at $185,000.
As an apartment community, it has been popular with SMU students.
Owner Marquis Group is opening models to sell the condos 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 prepared statement.
The urban-style apartment project — which includes ground floor retail space — was built on the site of a garage once used by automotive designer and racer Carroll Shelby.
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.”
Steve Brown/Dallas Morning News