MAA McKinney III is a 116-unit, four-story brick mid-rise built in 1995 with 87.9K gross SF and rated excellent in both quality and condition. The property features masonry/block construction and sits in a highly walkable McKinney Avenue corridor (Walk Score 96) in central Dallas. Parking type and unit-level amenity details are not specified in available data. The property maintains a 5.0 Google rating, though specific lease terms, utilities, and pet policies are not documented.

This is an affluent urban-core asset with compressed demand geography. The 1-mile radius shows 78.2% renter concentration and $107.8K median income supporting a 22.7% affordability ratio—tight, but sustainable for high-income renters. However, demand likely compresses sharply beyond the micromarket: the 3-mile radius drops to 71.1% renter occupancy and $102.7K income, while the 5-mile ring falls to 63.2% renters and $104.6K income. Income distribution is heavily skewed affluent (53.0% earning $100K+ in the 1-mile, declining to 43.9% at 5-mile), signaling this property depends on a concentrated pool of high-earner renters rather than broad workforce housing appeal. The shrinking household size from 1-mile (1.52) to 5-mile (2.14) confirms urban-core singles/couples anchoring the immediate submarket, a positive for 116-unit multifamily but one lacking suburban spillover demand cushion.

Appraisal Analysis – MAA MCKINNEY III

The property appraised at $23.7M in 2025 with strong 12.9% year-over-year appreciation, translating to $204.3K per unit—solid for a 1995-vintage asset in the Dallas market. Land represents 35.7% of total value ($8.5M), leaving 64.3% in improvements, a typical split for a stabilized mid-cycle property with limited immediate redevelopment upside without significant capital deployment. The single appraisal point prevents trend analysis, but the robust YoY gain suggests either market-driven appreciation or recent value-add capital work; prior appraisals would clarify whether this is cyclical strength or sustained repositioning.

Investment Signal: Insufficient Data for Assessment

With only a single 5-star review posted in May 2025, this property lacks meaningful review volume to assess management quality or identify operational trends. The 5.0 rating is statistically meaningless at n=1 and provides no insight into resident satisfaction patterns, maintenance responsiveness, or common complaints. Without a 6+ month review history showing consistent ratings or identifiable complaint themes (turnover drivers, service delays, habitability issues), Google reviews cannot validate or undermine the investment thesis here—proceed with standard due diligence (site visits, resident interviews, maintenance records) to fill this gap.