"It's one of the few unique A plus plus conversion opportunities in Highland Park," says Daniel Ebner, vice president of the Newport Beach, CA-based CWS. The firm acquired the former Gables Highland Park at 4201 Lomo Alto Dr. earlier this year from its Atlanta-based developer.

CWS undertook renovations to the three-story building's lobby and 1.9-acre grounds as part of the conversion. Ebner says most residents took CWS up on its offer to relocate, allowing the conversion plan to ramp up and marketing to begin by Allie Beth Allman & Associates of Dallas. All he'll say about the conversion cost it was "substantial."

Ebner expects the condo play will take about two years to complete. "We didn't expect it to be quick in and quick out," he tells GlobeSt.com, adding that's been the plan since the deed changed hands and not as a result of current mortgage market conditions. He says Cambridge's pricing keeps it reserved for "a well-heeled affluent buyer who would be less influenced by today's mortgage market."