11903 COIT RD, DALLAS, TX, 752512401
$93,250,000
2025 Appraised Value
↓ 0.8% from prior year
EXECUTIVE SUMMARY – BELL PARK CENTRAL
Bell Park Central presents a near-term refinancing crisis masquerading as a mid-market acquisition opportunity. The $54.9M loan ($112K per unit) likely matures within 1–3 years at a 6%+ rate environment, yet the asset's $93.3M appraisal (down 0.8% YoY) and opaque debt terms obscure true debt service capacity and exit feasibility. The $15M spread between estimated sale price ($78.4M) and appraised value signals distressed positioning or aggressive leverage—compounded by ten transactions in 8.9 years and absentee ownership aligned with multiple yield-focused refi cycles (2009–2011, 2017). Without 3+ years of appraisal history, DSCR data, and confirmed maturity/rate terms, the property's debt serviceability and refinance viability remain uninvestigatable. Recommend watch-list with hard pass unless seller provides full loan schedule and trailing financials; current profile carries execution risk exceeding mid-market vintage-1999 yield.
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No location data available for this property
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Refinancing risk is acute: The current $54.9M loan ($112K per unit) matures at an unknown date post-2017, likely within 1–3 years given typical CMBS/agency terms. At today's 6%+ rates, debt service will substantially exceed 2017 origination costs, creating downside pressure on exit valuation.
Leverage and seller motivation warrant scrutiny. The estimated sale price ($78.4M) versus appraised value ($93.3M) suggests $15M in value erosion; the loan-to-value is therefore 70%+ on exit, indicating either distressed circumstances or conservative underwriting. The 10 transactions in 8.9 years—including three quit claims and simultaneous financing in 2017—signal a complex, possibly opportunistic ownership chain that may now face maturity constraints.
DSCR opacity and absentee structure raise execution risk. With no debt service ratio, maturity date, or payment terms disclosed, loan assumptions are uninvestigatable. Absentee individual ownership combined with frequent prior recapitalizations (2009, 2010, 2011 flips into Fund Apartments IV; 2017 refi into CH Realty) suggests a yield-focused or distressed asset management strategy vulnerable to rate environment shifts.
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Estimated from loan records, rental listings, and appraisal data using industry-standard assumptions.
Based on most recent loan: $54,850,000 (Aug 2017, attom)
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Bell Park Central is a 490-unit garden-style apartment community built in 1999 with brick exterior and wood-frame construction across three stories. The 241.8K SF property (499.6K SF net leasable) is classified as excellent quality in good condition. Parking type and specific amenities are not detailed in available data. Located in Dallas, the property's neighborhood context cannot be determined from provided information.
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Appraisal Snapshot – Limited Data Constraints
With only a single 2025 appraisal ($93.3M), trend analysis is impossible; the -0.8% YoY decline suggests mild market compression but requires prior-year comps to contextualize. Per-unit value of $190.3K sits in mid-market range for a 1999-vintage asset, though comparative market assessment requires local comparable data. The 19.4% land-to-value ratio ($18.1M) is relatively tight, limiting redevelopment optionality; meaningful upside would require either significant unit count expansion (unlikely at 490 units) or significant physical repositioning. Request 3–5 years of appraisal history to identify whether this decline is cyclical market softness or asset-specific underperformance.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $93,250,000 | -0.8% |
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