STONELEIGH ON SPRING CREEK PHASE II
4800 N GARLAND AVE, GARLAND (DALLAS CO), TX, 75044
$43,648,000
2025 Appraised Value
↑ 0.6% from prior year
📍 This parcel is part of the STONELEIGH ON SPRING CREEK community — scraped data shown is for the full community.
STONELEIGH ON SPRING CREEK PHASE II – EXECUTIVE SUMMARY
The property's 0.6% YoY appraisal growth and compressed $175.8K/unit valuation signal a stabilized, range-bound asset in a softening submarket rather than an appreciation or value-add vehicle. Garland's 1-mile rental base exhibits meaningful affordability pressure (26.7% ratio against $79.5K median income) with limited upside from a workforce renter demographic, while the true market strength lies 3 miles out in a more affluent, ownership-oriented ring—positioning STONELEIGH in an awkward demand wedge. Zero pipeline penetration provides near-term supply cover, but deteriorating vacancy trends suggest demand is already weakening; physical condition (2001 vintage, well-maintained through 2014–2018 renovations) supports stabilized operations but not material repositioning upside. Walk Score of 39 confirms genuine car dependency with no transit-oriented optionality. Recommendation: Watch-list. The asset merits monitoring for distress entry points or sponsor-level IRR opportunities, but current positioning—stable NOI, compressed multiples, demographic headwinds—does not support acquisition at market-rate acquisition multiples; revisit if submarket stabilizes or pricing reflects further compression.
No notes yet
Stoneleigh on Spring Creek Phase II exhibits strong physical condition positioning for a 2001-vintage garden/podium product. Seven of nine units photographed show excellent condition with fresh paint and upgraded finishes, with renovations occurring in the 2014–2018 window; the exterior showcases well-maintained brick/stone veneer with contemporary architectural details and landscaping. The 2010–2020 renovation timeline suggests a phased upgrade strategy rather than wholesale repositioning, though the absence of kitchen/bath detail photos limits visibility into finish specificity (countertop materials, appliance grade). This reads as mid-cycle Class B with selective value-add potential in un-renovated units rather than a wholesale renovation play.
/ ·
AI Analysis
This photo was not identified as property-related.
No AI analysis available for this photo.
No notes yet
Location profile misaligns with suburban fundamentals. Walk Score of 39 and Transit Score of 27 reflect genuine car dependency typical of Garland's eastern corridor, limiting appeal to transit-oriented or urban-preference tenants. The Bike Score of 50 suggests some infrastructure but insufficient pedestrian density to drive meaningful alternative transportation adoption. Without rent data, we cannot assess whether pricing reflects this accessibility constraint, but property performance will depend entirely on employment center proximity and parking supply rather than walkable amenity density.
No notes yet
Zero pipeline risk, but deteriorating submarket conditions warrant caution. With 0.0% pipeline penetration and no nearby construction starts, STONELEIGH faces no near-term supply competition. However, the deteriorating vacancy trend in the submarket suggests demand is already softening—new supply elsewhere could accelerate this pressure even if not immediately adjacent to the asset. Monitor submarket fundamentals closely over the next 12–18 months; current lack of competing deliveries provides a window, but it may not offset broader weakening.
No multifamily construction permits found within 3 miles
No notes yet
No notes yet
Financial Estimates
Estimated from loan records, rental listings, and appraisal data using industry-standard assumptions.
Sale & Valuation
- Est. Sale Price
- —
- Sale $/Unit
- —
- Value YoY
- +0.6%
- Implied Cap Rate ⓘ
- —
- Est. Cap Rate ⓘ
- —
Operating Income
- Gross Potential Rent ⓘ
- —
- Est. Vacancy ⓘ
- —
- Submarket Vac. ⓘ
- 4.0%
- Eff. Gross Income
- —
- OpEx Ratio ⓘ
- 45%
- Est. NOI
- —
- NOI/Unit
- —
Debt & Taxes
- Taxes/Unit ⓘ
- $4,400/yr
- Est. DSCR ⓘ
- —
Submarket Benchmarks
📊Computed from nearby properties within 3 miles of similar vintage
No notes yet
Property Summary
Stoneleigh on Spring Creek Phase II is a 248-unit garden-style apartment community built in 2001 with brick exterior and wood-frame construction across three stories. The 222K SF property maintains excellent quality and good condition ratings, though specific amenity finishes and parking configuration are not documented. Located in Garland (Dallas County) with a walk score of 39, the property serves a car-dependent suburban market. No utility inclusions or pet policy details are available in current records.
Property Details
- Account #
- 26586710010010000
- Market
- Dallas County, TX
- Building Class
- APARTMENT (BRICK EXTERIOR)
- Building Style
- Garden
- Construction
- D-WOOD FRAME
- Quality
- EXCELLENT
- Condition
- GOOD
- Stories
- 3
- Gross Building Area
- 222,076 SF
- Net Leasable Area
- 221,952 SF
- Neighborhood
- UNASSIGNED
- Last Sale
- December 29, 2011
- Business Status
- Operational
- Enriched
- about 2 months ago
Owner Information
- Owner
- BMEF STONELEIGH LP
- Mailing Address
-
%BERKSHIRE GROUPSOUTHLAKE, TEXAS 760920102
No notes yet
No notes yet
Demographics
The 1-mile submarket presents a renter-concentrated, middle-income environment with material affordability pressure: 68.3% renter occupancy and a 26.7% affordability ratio against a $79.5K median income signal constrained headroom for rent growth. Income distribution skews toward the $50K–$100K+ brackets (57.7% combined), indicating workforce-to-affluent renter mix rather than pure Class C demand. The sharp tightening to a 20.5% affordability ratio at 3 miles—paired with a $96.6K median income and only 35.0% renter occupancy—reveals a more affluent, ownership-oriented ring; the property sits in an unusual wedge where local renter density is high but surrounded by higher-income buyer competition. At 5 miles, income flattens to $92.8K with 40.3% renter occupancy, suggesting the 3-mile ring (not the CBD core) represents the true market strength and likely source of tenant draw.
1-Mile Radius
- Population
- 15,798
- Households
- 6,453
- Avg Household Size
- 2.45
- Median HH Income
- $79,453
- Median Home Value
- $308,490
- Median Rent
- $1,767
- % Renter Occupied
- 68.3%
- Affordability
- 26.7% (rent/income)
- Income Distribution
-
<$25k $150k+
3-Mile Radius
- Population
- 119,904
- Households
- 43,200
- Avg Household Size
- 2.8
- Median HH Income
- $96,629
- Median Home Value
- $326,849
- Median Rent
- $1,651
- % Renter Occupied
- 35.0%
- Affordability
- 20.5% (rent/income)
- Income Distribution
-
<$25k $150k+
5-Mile Radius
- Population
- 305,393
- Households
- 107,065
- Avg Household Size
- 2.94
- Median HH Income
- $92,761
- Median Home Value
- $307,624
- Median Rent
- $1,664
- % Renter Occupied
- 40.3%
- Affordability
- 21.5% (rent/income)
- Income Distribution
-
<$25k $150k+
Source: US Census ACS 5-Year Estimates (2023) · 2 tracts (1mi)
No notes yet
No notes yet
No notes yet
Appraisal History
Appraisal Summary: STONELEIGH ON SPRING CREEK PHASE II
The property's $43.6M valuation reflects near-flat performance, with only 0.6% YoY growth—a material deceleration versus typical multifamily appreciation. At $175.8K per unit, this 2001-vintage asset is trading at a compressed land-to-total ratio of 14.2%, leaving limited redevelopment upside; the improvement value dominance ($37.4M) indicates the value proposition is dependent on operational performance rather than site repositioning. With a single appraisal data point and minimal growth momentum, this suggests either market softness in the submarket or the property may be range-bound at stabilized NOI multiples.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $43,648,000 | +0.6% |
No notes yet
No notes yet
No notes yet