A luxury Uptown skyscraper that began to convert to condominiums has returned to rent.
The owners of the One Uptown residential tower on McKinney Avenue announced in May that they would convert the 20-story building into condominiums.
With prices starting at around $ 250,000, the four-year-old skyscraper has started selling units.
But now building managers have reported that the property is up for rent again.
âOne Uptown is delighted to announce that we are taking over as a rental building,â said Caitlin Tyner, director of resident services for the property, in an email to the apartment rental companies.
With 196 apartments, the One Uptown Tower was Dallas‘ largest rental property in years, moving from apartments to condos. By August, more than 30 buyers had taken homes in the tower, which was 95% leased.
“We will not be going back to the condos,” Tyner confirmed in an email to The morning news from Dallas. âWe will be a fully rental building.
The turnaround is a surprise in a market overrun with buyers.
And the demand for condominiums is growing even faster than that for single-family homes.
Dallas-Fort Worth condo sales increased 41.2% to 4,558 sales from July 2020 to June 2021, according to the Texas Realtors Association. Buyers of D-FW condos paid an average of $ 223 per square foot and purchased $ 1.3 billion worth of properties in the year ending June of this year.
With condos valued at nearly $ 2 million for the most expensive units, the One Uptown building has a sky lounge for residents, two swimming pools, a fitness center, lounges for residents. , guest suites, a cafÃ©-bar and a private outdoor dog park.
The establishment also has a restaurant on the ground floor.
The units range from a 570 square foot studio to a nearly 2,000 square foot penthouse.
Smaller units start at around $ 1,575 per month.