VIA LAS COLINAS II
401 W NORTHWEST HWY, IRVING, TX, 75039
$59,000,000
2025 Appraised Value
↑ 1.7% from prior year
📍 This parcel is part of the VIA LAS COLINAS I community — scraped data shown is for the full community.
VIA LAS COLINAS II – Executive Summary
The core investment signal is a structural location constraint that caps rent growth despite strong proximate affluence. Valued at $59.0M ($215.3K/unit) with flat 1.7% YoY appreciation, this 274-unit 2012-vintage asset sits in an affluent submarket (57.2% of 1-mile households earn $100K+) but operates in a car-dependent office park setting (Walk Score 27, Transit Score 44) that limits tenant quality and pricing power relative to urban-infill peers. Demographic income cliffs sharpen at distance—median income drops 17.8% moving from 1-mile to 3-mile ring—meaning the property captures a narrow, premium-paying tenant pool rather than a deep suburban demand base; affordability ratios tick from 18.8% to 21.4% as you move outward, reducing rent-support cushion. Unit-level data is absent, blocking assessment of rent elasticity and value-add headroom, though photo analysis suggests 40+ units (14% of base) remain in original 2012 finishes with potential for $2.5K–$4.5K/unit NOI uplift via selective kitchen/bath refreshes. Pass or watch-list pending full unit mix, rent roll, and lease-up trajectory data—the property's marginal submarket dynamics and location-demand mismatch argue for higher underwriting rigor before committing capital, particularly if cap rate does not reflect car-dependency drag and tenant downtrading risk.
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VIA LAS COLINAS II is a mid-2010s Class B property with selective unit upgrades and resort-class amenities, positioned for moderate value-add. Unit renovations cluster in two cohorts—2010-2015 (primary wave, 8 units observed) and 2016-2020 (secondary, 16 units)—indicating staged upgrades rather than whole-property repositioning. Kitchens show raised-panel cabinetry (8 of 11 units) with granite countertops and mid-tier stainless appliances (GE/Samsung/Whirlpool class), while bathrooms feature contemporary tile and quartz finishes; vinyl plank flooring dominates (15 of 36 flooring instances), and 92% of observed interiors display fresh or excellent condition with recessed lighting. Exteriors exhibit strong curb appeal—brick/stone mid-rise with manicured landscaping and waterfront positioning—and resort-caliber amenities (lap pools, spas, pergolas) exceed typical B+ standards. The data suggests 40+ units remain in original 2012-era finishes (honey oak/basic builder-grade cabinets, older granite); selective kitchen/bath refreshes across ~60 units could drive $2.5K–$4.5K/unit NOI uplift.
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AI Analysis
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VIA LAS COLINAS II presents a fundamental location-demand mismatch. With a Walk Score of 27 and Transit Score of 44, this Irving property is car-dependent in a suburban office park setting—typical for Las Colinas but incompatible with modern multifamily rent growth drivers. The Bike Score of 41 offers minimal differentiation for amenity-seeking renters. Without disclosed rents, this location profile suggests the property must compete on price rather than walkability or transit access, limiting upside potential relative to urban-infill competitors and constraining tenant quality in a tight labor market where transit-accessible housing commands premiums.
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The pipeline presents minimal near-term competitive risk: only 1 unit in active construction nearby represents 0.36% of VIA Las Colinas II's 274-unit base. However, the deteriorating submarket vacancy trend suggests the market is softening independent of new supply—occupancy pressure likely stems from existing oversupply or demand weakness rather than imminent deliveries from the single permitted project on Connector Drive (currently in inspection phase). Monitor this permit's progression to certificate of occupancy, but the real concern is submarket fundamentals, not construction competition.
| Distance | Address | Description | Status | Filed |
|---|---|---|---|---|
| 2.7 mi | 2250 CONNECTOR DR | 2250 Connector Drive. A project with 11 apartment buildin... | Inspection Phase | Jan 29, 2024 |
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Financial Estimates
Estimated from loan records, rental listings, and appraisal data using industry-standard assumptions.
Sale & Valuation
- Est. Sale Price
- —
- Sale $/Unit
- —
- Value YoY
- +1.7%
- Implied Cap Rate ⓘ
- —
- Est. Cap Rate ⓘ
- —
Operating Income
- Gross Potential Rent ⓘ
- —
- Est. Vacancy ⓘ
- —
- Submarket Vac. ⓘ
- 5.6%
- Eff. Gross Income
- —
- OpEx Ratio ⓘ
- 45%
- Est. NOI
- —
- NOI/Unit
- —
Debt & Taxes
- Taxes/Unit ⓘ
- $5,383/yr
- Est. DSCR ⓘ
- —
Submarket Benchmarks
📊Computed from nearby properties within 3 miles of similar vintage
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Property Summary
VIA LAS COLINAS II is a 274-unit garden-style apartment community built in 2012 with wood-frame construction and brick exterior across three stories in Irving. The 252.1K SF property carries EXCELLENT quality and condition ratings, indicating well-maintained finishes typical of post-2010 construction. Parking type is not specified in available data; the 27 walk score reflects suburban Las Colinas location with limited pedestrian connectivity. Amenities, utilities, and pet policy details are not documented in this dataset.
Property Details
- Account #
- 322647700A01R0000
- Market
- Dallas County, TX
- Building Class
- APARTMENT (BRICK EXTERIOR)
- Building Style
- Garden
- Construction
- D-WOOD FRAME
- Quality
- EXCELLENT
- Condition
- EXCELLENT
- Stories
- 3
- Gross Building Area
- 252,122 SF
- Net Leasable Area
- 252,122 SF
- Neighborhood
- UNASSIGNED
- Last Sale
- October 29, 2018
- Business Status
- Operational
- Enriched
- about 2 months ago
Owner Information
- Owner
- LAS COLINAS II HOLDCO LP
- Mailing Address
-
% JP MORGAN INV MNGMNT INCNEW YORK, NEW YORK 100172014
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Rental Performance
| Unit | Beds | Baths | Sqft | Rent | Status | Listed | Days |
|---|---|---|---|---|---|---|---|
| — | BR | — | $1,526 | Inactive | May 2 | 365 |
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Demographics
Affluent urban core with affordability compression at property level. The 1-mile radius demonstrates extreme income concentration—57.2% of households earn $100K+—supporting the property's implied rent (affordability ratio of 18.8% suggests ~$1,820/month rent against $116.2K median income). However, this affluence is highly localized; the 3-mile ring's median income drops 17.8% to $95.6K, and the 5-mile radius softens further to $85.0K with 65.0% renter occupancy, indicating the property captures premium-paying renters from a narrow geographic footprint rather than a deep suburban demand pool. The steep income gradient—from 31.0% earning $150K+ at 1-mile to 20.3% at 5-mile—signals this is luxury/Class A positioning dependent on tight trade-area economics; broadening to 5-mile radius shows affordability ratios tick to 21.0–21.4%, reducing rent-support cushion for less affluent periphery households.
1-Mile Radius
- Population
- 4,988
- Households
- 2,595
- Avg Household Size
- 2.02
- Median HH Income
- $116,172
- Median Home Value
- $518,369
- Median Rent
- $1,824
- % Renter Occupied
- 82.8%
- Affordability
- 18.8% (rent/income)
- Income Distribution
-
<$25k $150k+
3-Mile Radius
- Population
- 71,546
- Households
- 31,046
- Avg Household Size
- 2.4
- Median HH Income
- $95,625
- Median Home Value
- $415,187
- Median Rent
- $1,672
- % Renter Occupied
- 77.3%
- Affordability
- 21.0% (rent/income)
- Income Distribution
-
<$25k $150k+
5-Mile Radius
- Population
- 282,786
- Households
- 105,118
- Avg Household Size
- 2.8
- Median HH Income
- $85,009
- Median Home Value
- $308,208
- Median Rent
- $1,514
- % Renter Occupied
- 65.0%
- Affordability
- 21.4% (rent/income)
- Income Distribution
-
<$25k $150k+
Source: US Census ACS 5-Year Estimates (2023) · 2 tracts (1mi)
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Appraisal History
VIA LAS COLINAS II – Appraisal Interpretation
The property is valued at $59.0M ($215.3K per unit), with minimal appreciation at 1.7% YoY, suggesting the market has largely stabilized this 2012-vintage asset post-pandemic. The improvement value represents 73.0% of total value against 27.0% land value, indicating limited redevelopment optionality—a typical profile for a stabilized mid-cycle garden-style asset in Las Colinas where land is already efficiently deployed. Without historical appraisal data prior to 2025, we cannot assess whether this flat growth masks prior appreciation decay or represents genuine bottom-up value stability, which would warrant deeper cash flow analysis to determine if the current cap rate justifies hold versus exit.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $59,000,000 | +1.7% |
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