PARSONS GREEN

The 2017 tax deed acquisition and concurrent $32.8M financing (13-year term, now mature or maturing) presents refinancing risk at today's rates; the current loan represents $328K per unit against a $284.3K appraised value, indicating the property is leveraged above current market. The 8.3-year hold with a single transaction and non-absentee ownership suggests a stabilized core-plus strategy rather than a flip, but the matured debt and appraisal-to-sale-price gap ($28.4M vs. $46.9M estimate) signal either value-add execution and pending sale, or refinancing pressure if the valuation is optimistic. DSCR and exit timeline are critical to assess true motivation.

Parsons Green is a 100-unit, 4-story mid-rise apartment built in 2015 with brick exterior and wood-frame construction. The property totals 177.2K SF gross (119.9K SF net leasable) and maintains excellent quality and condition ratings. Located in Dallas with a walk score of 25, indicating car-dependent area context. Parking type, amenity details, and pet/utility policies are not specified in available data.

Affordability disconnect signals pricing pressure in a high-income, renter-dense micromarket. The 1-mile radius shows 93.9% renter occupancy with a median household income of $113.7K supporting an 18.3% affordability ratio—aggressive for workforce renters but sustainable for the 53.9% of households earning $100K+. The 3-mile ring reveals the property sits in an affluent pocket: median income rises to $131.9K, renter concentration drops to 52.2%, and the $471.7K median home value suggests owner-occupied competition. However, the 5-mile radius (61.3% renter, $120.7K median income) indicates this is an urban core with deep renter demand, not a suburban fringe—the property benefits from density-driven multifamily appetite despite income distribution skewing heavily toward high earners (55.2% earn $100K+ at 1-mile vs. 33.2% at 5-mile). Without rent data, the 18.3% affordability ratio in the immediate trade area hints at premium positioning that may compress leasing velocity among the 16.7% of 1-mile households earning under $50K.

Appraisal Analysis: Parsons Green

The property has appreciated 6.7% year-over-year to $28.4M, translating to $284.3K per unit—a healthy valuation for a 2015-vintage asset in the current market. The improvement-to-land ratio of 93:7 is typical for stabilized multifamily and leaves minimal redevelopment upside; the $1.8M land value suggests limited teardown economics. Without prior-year comparables, the trailing YoY gain appears market-aligned, though a longer appraisal history would clarify whether this reflects sustained appreciation or recent cycle recovery.