2237 E US HWY 80, MESQUITE (DALLAS CO), TX, 751505510
$15,150,000
2025 Appraised Value
↑ 14.8% from prior year
Apple Grove Villas presents a disciplined acquisition opportunity in a supply-constrained submarket, but hinges critically on tenant quality and pricing validation against broader market comparables. The $15.15M valuation ($72.5K/unit) reflects 14.8% YoY appreciation in a stabilizing market, with zero construction pipeline providing occupancy downside protection; however, the property's 93.4% improvement-to-land ratio and 2014 vintage offer no repositioning upside, requiring operational alpha to justify entry. The immediate 1-mile trade area exhibits affordability stress (51.6% of households earning <$50K; 27.4% cost-burden ratio), but the asset sits at the margin of a materially stronger 3-mile submarket ($81.2K median income, 34% earning $100K+), suggesting pricing power depends on capturing secondary-ring commuters rather than relying on walkable proximity—a lease-up and renewal risk if unit positioning misaligns with affluent demand. Walk Score of 48 and absent transit infrastructure reinforce suburban, vehicle-dependent positioning that may constrain velocity against better-located competitors. Watch-list candidate pending: (1) current debt terms and owner motivation (HUD loan history opaque), (2) rent roll and DSCR validation, and (3) per-unit pricing confirmation against class-A and class-B comparables in the 3-mile ring.
No notes yet
No notes yet
Apple Grove Villas faces a fundamental location-to-product mismatch. A Walk Score of 48 signals car dependency with minimal pedestrian infrastructure—typical of suburban Dallas—yet the property offers no transit alternative (null transit score), leaving residents entirely reliant on personal vehicles. The Bike Score of 35 confirms limited non-auto mobility options. Without rent data, we cannot confirm whether the asset is priced competitively for this constrained accessibility profile, but the location suggests a workforce demographic with established transportation habits rather than transit-seeking or walkability-premium renters. This positioning may constrain lease-up velocity if competing properties offer superior freeway proximity or employment center access.
No notes yet
Construction Pipeline: No measurable supply pressure. Zero units in the pipeline (0.0% of the 209-unit inventory) and no active construction within the competitive set provides clear downside protection on occupancy. However, the deteriorating submarket vacancy trend suggests demand erosion is the operative constraint rather than new supply—pricing power will depend on Apple Grove's relative positioning against existing competitors rather than pipeline relief.
No multifamily construction permits found within 3 miles
No notes yet
No notes yet
Estimated from loan records, rental listings, and appraisal data using industry-standard assumptions.
Based on most recent loan: $12,000,000 (Sep 2013, hud_fha) @ 4.65%
Computed from nearby properties within 3 miles of similar vintage
No notes yet
Apple Grove Villas is a 209-unit mid-rise apartment built in 2014 with wood-frame construction and brick exterior across four stories, totaling 226.3K SF. The property is classified as Good quality/condition with no discernible finish premiums reflected in available amenity data. Parking type is not specified in the dataset, and no utilities, pet policies, or amenity details are documented. Located in Mesquite (Dallas County), the property scores 48 on Walk Score, indicating car-dependent positioning.
No notes yet
No notes yet
Affordability mismatch in immediate submarket signals acquisition risk. The 1-mile radius exhibits severe income concentration below $50K (51.6% of households) with a 27.4% affordability ratio—well above the 28-30% threshold—indicating the immediate trade area cannot support market rents without cost burden. However, the property sits at the edge of a much stronger 3-mile submarket ($81.2K median income, 21.8% ratio, 34% of households earning $100K+), suggesting pricing power exists if the asset captures broader ring demand rather than relying on walkable trade area. The sharp income bifurcation—from 33.6% earning under $25K within 1 mile to only 14.9% in the 3-mile ring—points to a workforce-renter product positioned in a gentrifying or mixed-income node; reliance on the immediate 1-mile renter base (57.5% occupied) is a lease-up and renewal risk unless unit positioning and amenities anchor affluent commuters from the secondary ring.
Source: US Census ACS 5-Year Estimates (2023) · 1 tracts (1mi)
No notes yet
No notes yet
No notes yet
Appraisal Analysis: Apple Grove Villas
The property appreciated 14.8% year-over-year to $15.15M, yielding $72.5K per unit—a strong recovery signal in a stabilizing market. The improvement-to-land ratio of 93.4% to 6.1% reflects a mature, fully-developed asset with minimal redevelopment upside; any value creation hinges on operational performance rather than repositioning. The single recent appraisal limits trend visibility, but the 2025 valuation suggests the 2014-vintage product is commanding market-rate pricing, though comparable properties should be checked to confirm per-unit positioning against class and submarket.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $15,150,000 | +14.8% |
No notes yet
No notes yet
No notes yet