Multigenerational living is a big buzzword in the housing market, as Baby Boomers move in with their kids, adult children move in with their parents, and everyone figures out how to live together harmoniously.
But in the world of condos, that’s rarely the situation. Most condo buildings seem to have a demographic they attract, and residents tend to be around the same age.
That’s not the case at The Shelby Residences in East Dallas’ University Crossing neighborhood. We recently attended their fall social event and noticed the huge range of residents, from college students to folks past retirement.
This is a big achievement for The Shelby, a 55-unit building just renovated with phase I sales starting in the summer of 2015. The building had been apartments, but the Marquis Group purchased it and decided to do an overhaul into chic condo living, said Denise Edmondson, Principal Broker and Sales Director for PowerPlay Texas, which works with Marquis Group to sell condos at The Shelby Residences.
“It’s an interesting case study, seeing everyone meld together and get along as one community,” Edmondson said. “Everyone has a common thread with healthy, active urban living—The Shelby Residences appeal to all ages.”
Part of the multigenerational appeal is the price point, Edmondson said.
“There are a lot of condos in Dallas, but not a lot that are new with great design features, in a walkable environment, and under $400,000,” she said. “Our highest one is $405,000 and it comes furnished—that appeal spreads across generations.”
Loreli Tomić, Marketing Director for The Shelby Residences, explained who’s buying at The Shelby Residences.
“First, we do see a lot of parents that are buying condos for the children who are students at SMU—we drilled down on proximity to SMU, and creating a lifestyle of walkability,” she said. “Second, we have buyers in the young professional audience, first-time homebuyers, those who want to live an eco-conscious lifestyle.”
They’ve definitely got location down, being situated near Mockingbird Lane and Greenville Avenue: Mockingbird Station is less than a five-minute walk away, and nearby are tons of restaurants and entertainment options. They’re building bicycle storage in the near future to cater to those who want a more car-free lifestyle.
Tomić continued: “Third, we have people who are more senior—their children live in some of the more affluent areas of Dallas and they’re purchasing for their parents and want them in close proximity to them in a one-level, lock-and-leave condo,” she said. “We also have four couples in their 50s who use it as their second home and we have a 75-year-old gentleman who bought a condo here, too. We see a lot of people wanting to simplify and go to a smaller footprint so they can do more things like travel.”
The design of The Shelby Residences is another element in the multigenerational appeal. The site has a great story, originally the location of Carroll Shelby’s garage. He was an American icon and car designer who took the Ford Mustang and created the Shelby Cobra. When the Shelby was being conceived, they hired Cheryl Ketner to do the interior design, and there’s a car motif in several areas (and, of course, the name is an homage to Shelby).
The units offer some great amenities, too. All residences come standard with Puccini Porcelain wood grain floors, quartz countertops, custom cabinets, and stainless appliances. They also feature the option of one of two designer color palettes, as well.
Building amenities include an outdoor rooftop terrace with fire pits and seating areas, a dog park, and a fully equipped fitness center.
All this adds up to multigenerational living at The Shelby Residences, with only eight remaining units for sale. It will be interesting to see who buys the last condos there, and how that community continues to grow and thrive.
