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Bostonian Group Grabs 299-Unit High Rise

DALLAS-Closing the deal in recent days, Bostonian Investment Group pays about $45,000 per unit for Wedgwood Tower. Renamed to the Indigo, the next step is a $2-million redo.

By Connie Gore | Updated on April 14, 2008

[IMGCAP(1)]DALLAS-Closing a selectively marketed deal, Bostonian Investment Group has banked the deed to the 299-unit Wedgwood Tower in Stephens Park after a face-off with peers in its buying group and considerably larger competitors. The 11-story tower, bought just days ago for roughly $45,000 per unit, will be retooled and renamed to the Indigo in a bid to reclaim its footing in the market.

Justin Meszaros, CEO of the Boston-based investment group, says the $2-million renovation to the 2511 Wedglea Dr. tower, which abuts a community golf course, will break out some first-floor space for retail and 5,300 sf on the top floor for office. He says the estate of the local owner, Wedgwood Tower Property LP, had put $7 million of mostly insurance money into replacing the burned-out fourth floor and upgrading the elevator and fire alarm system.

After the fire, 70 units were redone with class A finishes, according to Meszaros, who says the remaining units will be getting the same kind of touches as he and Bostonian Group president David Lindahl set their plan into motion. The tower was 80% leased at sale time.

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