"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."
Highland Park and University Park, home to many of Dallas' wealthiest, carries some of, if not the, highest per sf prices for residences in the metro. Market sources report one dwelling recently brought $1,000 per sf, but the norm is $300 per sf to $500 per sf.
Ebner says the typical Cambridge unit falls in the $270 per sf range. "That's a discount to Highland Park's square footage price," he adds. But the bottom line naturally rests on unit upgrade packages, with offering including a "premium" finish-out. One of Cambridge's 1,940-sf condos, with three bedrooms and two baths, is being marketed for $595,000. The eight-year-old building contains one-, two- and three-bedroom units ranging from 1,100 sf to 2,900 sf.
Cambridge's team already has hosted a couple brokers' events. But, Ebner adds, "it's too early to say" how many condos will be sold during the early weeks of the marketing push.
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