Will a Trendy Facelift for an Old Oak Cliff Apartment Building Make It the Next Big Thing?

Chris Epp walked onto Stevens Park Golf Course in West Oak Cliff nearly a year ago for a day of golf with his co-workers. Although their visit was for pleasure, Epp couldn't help but notice a business opportunity lurking ahead. "On the first hole, I looked up, and there was this giant, 11-story, white monolith sticking up out over the canopy of trees," he says. Epp, who works for the Dallas office of Apartment Realty Advisors, says that was the first time he or any of his co-workers had been to that area. As they played the course, Epp realized it was an apartment complex. "I jokingly said that I was going to sell that tower by the end of the year," he says. "They all laughed and said to have another drink."

Shortly after their outing, Epp called the owner of Wedgwood Tower Residences to strike a deal. Unknown to him, the owner died a couple months before his call, and the estate was planning to sell the property. Epp pounced on the opportunity to broker the sale, saying he was struck by Wedgwood's mature landscaping, 8.2 acres of park-like land, location next to a golf course and proximity to Oak Cliff's thriving Bishop Arts District. Epp says it was an obvious undervalued asset, and he saw it as a diamond in the rough.

He didn't make good on his promise to sell the property by the end of 2007; Wedgwood wasn't put on the market until January 2008, and on April 10 Wedgwood was sold to Bostonian Investment Group, which has been in the Dallas market for one year and the Texas market for three years, where it has acquired more than 4,000 of its approximately 6,000 units. Chief Executive Officer Justin Meszaros says he felt an impulse to buy the property, which will be changed into The Indigo to create a more "upscale, trendy, urban feel." The restaurant on the first floor will be phased out, he says, because it operates at a loss of $40 per day. Meszaros says he hopes to attract a new restaurant, along with a café or possibly a Starbucks.

Dorothy "Dot" Toops, who has lived at Wedgwood for nearly two years, says the change has been met with a mixed reaction by residents. She claims the tower is split 50-50 between those embracing the change and those opposed to the new ownership's plans. "Many of the older residents are out of touch and fear change," Toops says. "And they are upset that the restaurant is closing soon." The majority of the older and handicapped residents rely on the restaurant for their meals, according to Toops. Several residents were approached for interviews, including an elderly woman who has lived at Wedgwood for more than 21 years, but none of them were willing to talk about the ownership change, and some weren't aware of the new plans.

Built in 1963, Wedgwood Tower was originally a community for residents ages 50 and above. The demographics changed over the past several years, and only 60 percent of the tenants were in the 50-plus range one year ago. There has been a dramatic shift since residents with children were allowed six months ago, resulting in a drop to 40 percent of residents older than 50 at the time of the sale. Toops says there are still regular ambulance visits to the tower, but the younger residents represent "the greatest ethnic mix I've ever seen."

Toops, who describes herself at the lower end of the over-50 crowd, is excited about what is happening in West Oak Cliff, calling it "the new Oak Lawn." She says the upcoming changes at Wedgwood are simply a microcosm of the city. "Bring it on. Bring us change. Give us a chance to grab a beer every once in a while."

The property was owned for more than 40 years by Ray Stern, who died March 6, 2007, at age 74 of an antibiotic-resistant infection after having an elective surgery. Before becoming a real estate entrepreneur, he was a bodybuilder and champion professional wrestler for 21 years. Known as Ray "Thunder" Stern, his first business venture was building health clubs in California before buying Wedgwood Tower. "All of the residents mourned when he passed," Toops says.