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DALLAS-Three years after it parts with a portfolio, DEC Investment Group of Dublin, OH has bought back a 99-unit piece at the edge of Oak Lawn. The returning owner has mapped out a condo conversion for the fully leased Cedar Springs Crossroads.

DEC Investment, led by William Jump, got the 4777 Cedar Springs asset from Philadelphia-based BPG Properties Ltd. “They always felt it was a condo conversion candidate,” Don Ostroff, senior director of Cushman & Wakefield of Texas Inc.’s multi-housing group, tells GlobeSt.com. “When it came back on the market, their primary interest was to come and see if the market was right for a conversion.”

Ostroff says the address makes it the right time for a conversion. The fully leased complex neighbors new construction at West Side Condominiums and an in-process conversion, the Montebella. The going rate for condo product in that part of Oak Lawn is fetching $150 per sf to $180 per sf, he says.

DEC’s Jump didn’t return a telephone call by deadline to discuss the conversion or its cost. Ostroff says the one- and two-bedroom units, ranging from 816 sf to 1,183 sf, will be redressed with high-end finishes “to bring them to a competitive level” as they are vacated or tenants opt to buy in. He says the conversion is expected to take 18 to 24 months to sell out. Until then, the new owner will be collecting a per-unit rent average of $960 per month or $1 per sf.

The 23-year-old complex has nine apartment buildings, a clubhouse and underground parking on 4.2 acres. The listing baited a dozen offers in a 30-day marketing by Ostroff and C&W associate Lamont Rattler. And, its Oak Lawn address means there was no ask nor will Ostroff comment on the final price. Local market sources, though, say the asset drew more than $80,000 per unit in keeping with comparable product for its location.

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