Debt maturity and refinancing urgency are acute. The $57.4M senior loan from HFF matured in January 2023—now 1+ years past due—creating immediate refinancing risk at materially higher rates than the original 2016 origination. Combined debt of $81.4M against an $49.4M appraised value yields 164.8% LTV, an inverted capital structure that signals the owner is severely underwater if forced to refinance or sell at market. The quit claim deed transfer in 2016 and absentee corporate ownership (WRPV XII) suggests a hold-to-maturity strategy that has failed; absent DSCR data and with the senior loan now non-performing or extended, this property presents classic motivated-seller dynamics requiring immediate capital injection or restructuring.

Parkside at Firewheel Ph II is a 282-unit, four-story mid-rise apartment community built in 2012 with brick exterior and wood-frame construction located in Garland (Dallas County). The property spans 289.0K SF gross with 237.7K SF net leasable area, rated EXCELLENT in both quality and condition. Walk score of 58 indicates car-dependent suburban positioning typical of the Firewheel mixed-use corridor. Parking type, pet policy, and included utilities are not specified in available data.

Affluent suburban rental market with income-rent misalignment risk. The 1-mile radius shows median household income of $110.2K against a 20.5% affordability ratio, indicating rents are pitched at upper-middle-income renters—yet only 26.1% of households rent locally, suggesting limited natural demand density. Income distribution skews heavily toward $100K+ earners (50.5% in the 1-mile ring), but this affluent profile inverts at the 5-mile radius where $100K+ households drop to 45.9%, signaling the property relies on selective geographic capture rather than broad workforce-housing tailwinds. The 3-mile to 5-mile expansion shows renter concentration rising from 29.1% to 32.5% and population growing to 271K, indicating suburban sprawl demand exists, but affordability ratios hold flat at 21.0–21.5%, suggesting limited pricing power as you move outward into more income-diverse rings.

Appraisal Summary: PARKSIDE AT FIREWHEEL PH II

The property appreciated 13.0% YoY to $49.35M, translating to $175.1K per unit—a healthy gain in a stabilized 2012-vintage asset. However, the appraisal data is thin (single 2025 snapshot), preventing trend analysis or identification of previous distress cycles. The land-to-improvement split is severely skewed at 1.4% land value, indicating minimal redevelopment upside; the asset is valued almost entirely on its existing operating structure rather than underlying real estate optionality.