15800 SPECTRUM DR, ADDISON, TX, 750016367
$37,288,790
2025 Appraised Value
↑ 3.6% from prior year
🏘️ Community includes 3 DCAD parcels (393 total units)
Critical Issue: Debt structure data is unreliable and likely obsolete, rendering financial underwriting impossible without fresh verification. The reported 5.7x LTV ($211.2M debt against $37.3M appraised value) is implausible; moreover, the $150M FHLMC loan is 9+ years past its October 2015 maturity, and the $61.2M Walker & Dunlop facility likely matured in September 2022—acute refinancing risk signals distressed ownership or data integrity failure. Operationally, the property occupies a mid-market walkability position (Walk Score 68) in a supply-constrained submarket (0.63% pipeline ratio) but faces headwinds from a renter-dense, cost-burdened local population (24.6% affordability ratio) and deteriorating broader vacancy trends despite strong 83.7% renter concentration in the 1-mile radius. The 2007 vintage and fully-stabilized 94.5% improvement ratio eliminate redevelopment optionality and lock value into an aging operating platform.
Directional Read: Pass pending debt reconciliation. Without current DSCR, loan status, and verified ownership intent, this asset presents unacceptable refinancing and title risk. If those issues resolve favorably, the property would warrant watch-list status as a stable-but-mature asset in a softening submarket—suitable only for cost-of-capital plays, not value creation.
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Location Profile Misaligned with Market Positioning
Allegro Addison's Walk Score of 68 places it in the "Somewhat Walkable" category—above suburban baseline but below the 75+ threshold that drives meaningful tenant demand reduction and supports premium pricing in the Dallas metro. The absence of transit data is notable; combined with a Bike Score of only 55, this suggests limited multimodal commuting options for car-reduced renters. Without monthly rent figures, we cannot validate whether the property is priced to its actual walkability constraints or if management is overestimating the location's amenities density. In Addison's competitive multifamily market, this walkability profile typically commands mid-tier pricing and appeals to renters with vehicles—not the transit-dependent or lifestyle-first segments that justify above-market rents.
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The 0.63% pipeline-to-inventory ratio poses minimal direct supply pressure on Allegro Addison's 158 units, with only one competing project (1 unit on permit data) nearby in active development. However, the deteriorating submarket vacancy trend suggests broader market softness that could constrain occupancy and rent growth regardless of this specific project's modest scale—timing and delivery velocity across the wider submarket warrant closer monitoring given the current cycle. The lone permitted project at 8230 Frankford Rd is in inspection phase, indicating near-term delivery risk in a weakening demand environment.
| Distance | Address | Description | Status | Filed |
|---|---|---|---|---|
| 2.7 mi | 8230 FRANKFORD RD | NEW CONSTRUCTION MFD. 125 UNITS SENIOR LIVING. | Inspection Phase | Feb 24, 2025 |
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Debt Structure & Refinancing Risk:
The property carries $211.2M in total debt against a $37.3M appraised value—a 5.7x loan-to-value ratio that is nonsensical and signals severely outdated appraisal data. The $150M FHLMC loan originated October 2015 with a 24-month term is now 9+ years past maturity with unknown current status, representing acute refinancing risk. The $61.2M Walker & Dunlop facility (September 2017, 120-month term) approaches maturity in September 2022, likely already refinanced or in default.
Ownership & Leverage Signals:
Five transactions in 15.3 years, including three financing events in 18 months (2015–2017), indicate aggressive leverage cycling rather than strategic holds. Absentee corporate ownership since 2010 combined with overlevered debt and expired loan terms suggests either a distressed holdover position or data integrity issues precluding reliable analysis. Without current DSCR, rate, and loan maturity data, underwriting this asset requires fresh property-level financials and lender verification before any acquisition consideration.
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Estimated from loan records, rental listings, and appraisal data using industry-standard assumptions.
Based on most recent loan: $61,156,000 (Sep 2017, attom)
Computed from nearby properties within 3 miles of similar vintage
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Allegro Addison is a 2007-vintage, 4-story mid-rise apartment building with 158 units and 179.5K SF of gross building area in Addison's mixed-use corridor (Walk Score: 68). The brick exterior, wood-frame Class D construction carries good quality ratings in excellent condition. No data available on parking configuration, unit finishes, included utilities, or pet policies.
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Affordability mismatch in dense urban core; strong renter concentration supports demand depth despite income skew. The 1-mile radius shows 83.7% renter occupancy and a 24.6% affordability ratio—above the 20% threshold—indicating renters here are cost-burdened relative to $81.2K median HHI, yet 36.8% earn $100K+, suggesting the property may be positioned for affluent renters willing to overpay for location rather than workforce housing. The sharp drop to 65.5% renter concentration at 3 miles and 56.6% at 5 miles signals the property captures a localized, captive renter population in a high-ownership suburban context; this depth supports occupancy but limits upside from broader market growth. The 1-mile income distribution skews upper-middle ($100K-$150K: 22.2%), not mass-market, indicating limited expansion room into lower-income segments without repositioning.
Source: US Census ACS 5-Year Estimates (2023) · 5 tracts (1mi)
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Appraisal Summary – ALLEGRO ADDISON
With only a single 2025 appraisal on record, trend analysis is impossible; however, the 3.6% YoY appreciation suggests stable market conditions in Addison. The property carries a $235.8K per-unit valuation against a 94.5% improvement-to-total-value ratio, indicating minimal land value capture ($12.9K/unit) typical of a fully-stabilized, Class A garden complex built in 2007. The compressed land basis effectively eliminates redevelopment optionality and locks value into the existing structure and operating platform.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $37,288,790 | +3.6% |
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