Preston Center: The Shelton (Condominium Conversion)

[CTroyMathis]

Just a little tidbit. . .


Condo craze

Expect a rush of potential buyers for a Preston Center high-rise that's just come on the market.

The Shelton apartment tower on the Dallas North Tollway has been owned by Japanese investor Takeharu Miyama for almost 15 years.

Real estate broker Don Frey said the longtime owner "has mixed feelings about selling it, but this condo craze is simply overwhelming."

The folks at the Frey Young Group LLC anticipate that a condo converter will want the 21-story, 144-unit building.

Built by Dallas Federal Savings in 1981, the tower fronts the east side of the tollway at Luther Lane.

http://www.dallasnews.com/sharedcontent/dws/bus/columnists/all/stories/DN-recol_23bus.ART.State.Edition1.15566619.html
http://maps.google.com/maps?q=5909+luther+ln,dallas,tx&spn=0.005419,0.012802&t=k&hl=en

[FoUTASportscaster]

What is it now?

[UrbanHope]

Asking price is $35 mil

[CTroyMathis]

High-rise to become condos
12:00 AM CST on Tuesday, March 28, 2006
By STEVE BROWN / The Dallas Morning News
Visit: http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-preston_28bus.ART.State.Edition1.e3cac53.html

A Dallas investment group has purchased the Shelton apartment tower in Preston Center and plans to convert it to condominiums.

Dunhill Partners bought the 21-story high-rise on the Dallas North Tollway from a Japanese investor who had owned the building for about 15 years.

more at link. . .

[gc]

Nice. I'd imagine these will be very popular.

[lagunadallas]

Hard to say... It's a decent building, but the developer will have to put a lot of money into it to make it feel more updated (especially the hallways and gym/pool area). It's a very convenient spot for people wanting a condo near their offices in Preston Center, but the area lacks the residential feel that you'd get down on Turtle Creek. Right now the renter makeup seems to be the recently divorced, the pre-nursing home crowd, and those in between homes in the Park Cities. The owner would be smart to market to Preston Center companies who would buy a unit or two to accommodate business clients rather than paying for hotels.

[CTroyMathis]

Preston Center Neighbors Yield Nearly $100M at Closing Tables
By Connie Gore
Last updated: April 13, 2006 08:18am
Visit: http://www.globest.com/news/516_516/dallas/144770-1.html

. . .The 129-unit Shelton at 5909 Luther Lane, holding the distinction as Preston Center's only high-rise residential product in the prestigious Highland Park Independent School District, has been scooped up by Dunhill Partners Inc. of Dallas for about $35 million. . .

. . .Hutchinson says he's set aside about $12 million to convert the 24-story Shelton's 129 units into condos. The skin stays intact, but interior common areas will be overhauled and an average $65,000 spent on upgrades for each unit, he says. "It will be the finest wood, granite, marble, furniture and fixtures on the market," he says. SLS Johnson Contractors of Dallas will begin construction in 30 days. Dunhill's Ames Pinhiero is the project manager. . .

More details at link. . .