I just chatted with Denise Edmondson, sales director at the Shelby Residences. This building, which wraps around the Twisted Root Burger Company on SMU Boulevard, is a rare bird in Dallas — it’s an apartment building that, in our hot rental market, is converting to condos.
“We did a lot of market analysis,” Edmondson said. What the developer, the Marquis Group, noticed was the severe lack of ownership opportunities in the University Crossing District. It’s a desirable neighborhood for Millennials, recent college graduates, and young professionals or graduate students thanks to its proximity to mass transit, walkability, and nearby grocery and restaurant options. “In this location, there’s nothing for less than $400,000.”
That may seem too steep for someone who is paying off a hefty amount of student loan debt, and the attractiveness of investing in ownership instead of renting, along with living a car-free lifestyle, might be too much to pass up. Interest in the 10 available units has been through the roof, Edmondson added, and they expect the market debut tomorrow, April 18 from 11-7, to be a feeding frenzy.
“This week will be the first on the market and we’ve already seen tremendous demand,” she said. “We’ve actually had people sneak in to see the models before we open, so we’ve had to have someone near the door.”
The Shelby was built in 2008 on the former site of hot rod designer Carroll Shelby, the eponymous producer of the souped-up Shelby Ford Mustangs. With the conversion to condominiums, the building is undergoing a thoughtful and thorough renovation, including a completely new lobby that is more open, a new amenity deck with fire pits and a water feature, and a remodeled lounge with wine coolers, kitchen space, and custom furnishings. The building will offer one- and tw0-bedroom floorplans ranging from 752 square feet to 1,217 square feet and starting at $185,000.
The units, designed by Cheryl Ketner, will all feature Puccini porcelain plank floors that look like wood, but aren’t as difficult to maintain. This is a definite plus for pet owners and those who want less maintenance, says Ketner. Each unit has Whirlpool stainless steel appliances in the kitchen, eat-in islands with quartz counters, shaker-style cabinetry, new solid-core doors, and washer and dryer hook-ups. Every unit has a balcony, and corner units have two.
I toured both the one-bedroom and two-bedroom units and was amazed by how spacious they felt. There are some great upgrades available, which include designer light fixtures and plantation shutters. The windows are all double-pane, low-e glass, too. The walk-in closets are fantastic, and the finish-out has a very cozy industrial feel with a cool color scheme to match. I also found my new favorite color of gray in the one-bedroom unit: Repose, by Sherwin Williams.
“The style is just simple, easy,” Ketner said. “It’s comfy to fall into with a neutral palette.”
There are some cool, geeky features, including USB ports on the wall outlets in key areas, as well as wireless internet throughout the building. That will be a boon for Millennials, Edmondson said, who as a generation cannot be separated from their phones.
If you want to score one of these units, which will be ready for move in this June, perhaps it’s time to go ahead and pitch a tent outside the sales office at the Shelby, because they’re sure to go fast.
