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.