ANTHEM
701 COWBOYS PKWY, IRVING, TX, 750637700
$45,730,450
2025 Appraised Value
↑ 7.0% from prior year
ANTHEM Investment Overview
ANTHEM presents a high-risk operational deterioration masking structural capital constraints. The property's $45.7M appraised value conflicts sharply with $488.6M in outstanding debt (10.7x LTV), indicating either material valuation misalignment or undisclosed equity structures that must be resolved before any investment commitment. Beyond the leverage puzzle, Google reviews show a 40 bps rating decline to 3.5 stars over six months, with 69 one-star reviews citing roach infestations, water damage, and management failures—red flags that directly threaten NOI stability and lease renewal economics in a submarket already showing demand softness despite zero competing supply. The property's appeal to affluent renters ($100K+ households, 54.5% concentration) provides pricing power, but this tenant profile is acutely sensitive to service quality lapses; combined with a car-dependent location (Walk Score 21) and a bifurcated physical condition (48% renovated, 52% deferred), the asset requires immediate operational triage before capital deployment is justified. Pass for now—refer to operations team for turnaround feasibility assessment; clarify debt structure and obtain leasing/retention data before reconsidering.
No notes yet
Irving living at Anthem
Irving is a thriving community, perfect for young professionals, families, and empty nesters alike. Tucked away in Valley Ranch — and just a short distance from Carrollton and Las Colinas — Anthem gives you access to all of the best local attractions. From delicious restaurants to amazing shopping and everything in between, Anthem serves at your gateway to all that Irving has to offer.
Physical Condition & Value-Add Positioning
ANTHEM is a Class B property with partial renovation upside. Approximately 48% of photographed units display upgraded finishes (white quartz countertops, shaker/slab cabinetry, stainless steel appliances) predominantly from 2016–2023, while 20% remain in original or minimally updated condition—creating a two-tier stock. The renovation cohort shows competent but not premium execution: mid-range stainless (GE/Frigidaire tier), builder-grade quartz, and vinyl plank flooring. Amenities (pool, fitness center, clubhouse) are well-maintained and modern, pulling above-average for the class.
Risk Flags & Deferred Maintenance
Exterior photos reveal structural concerns: visible vertical concrete cracks, rust/corrosion on entry frames, and peeling paint suggest inadequate envelope maintenance on this 1995 vintage garden/mid-rise property. One bathroom image documents hard water staining on fixtures, hinting at systems-level issues. Paint condition is mixed—27 units show "fresh" finishes but 15 units display scuffing or peeling—indicating inconsistent turnover standards or accelerated wear cycles.
Renovation Opportunity
With 52 units (23% of stock) still in original or 2010-2015 condition, a systematic unit refresh program (kitchen/bath upgrades, LVP flooring, fresh paint) would command rent premiums and standardize the portfolio. Current upgraded units likely already justify 8–12% rent uplift; full execution across the remaining stock could realize $2.0M–$2.5M in annual NOI uplift at typical Dallas multifamily cap rates.
/ ·
AI Analysis
This photo was not identified as property-related.
No AI analysis available for this photo.
No notes yet
ANTHEM faces a fundamental location-demand mismatch. With a Walk Score of 21 and Transit Score of 26, this Irving property is aggressively car-dependent in a suburban context where 231 units compete for tenants who value convenience. The Bike Score of 33 offers minimal alternative mobility. Without documented average monthly rent, we cannot confirm whether pricing reflects this accessibility penalty, but car-dependent multifamily typically commands 10–15% rent discounts relative to transit-accessible comps. Leasing velocity and resident retention data should be reviewed urgently to determine if unit count and market fundamentals support value.
No notes yet
Supply Pipeline Analysis — ANTHEM
Zero units are in the development pipeline (0.0% of existing 231-unit inventory), eliminating near-term supply pressure as a headwind to occupancy and rent growth. However, this supply vacuum occurs alongside deteriorating submarket vacancy, suggesting demand weakness rather than supply constraint — a material distinction for underwriting lease-up and rate trajectory. The absence of competitive deliveries provides pricing power, but declining market fundamentals will likely cap rent growth regardless.
No multifamily construction permits found within 3 miles
No notes yet
Debt & Transaction History
Debt structure presents material refinancing risk. Total debt of $488.6M against a $45.7M appraised value yields $2.11M loan-to-unit, suggesting either significant valuation misalignment or missing equity information—the debt-to-appraised-value ratio of 10.7x is structurally impossible and requires clarification before proceeding. The Berkadia loan originated in 2016 with a 60-month term is now 8+ years seasoned and likely matured or in extension; absence of maturity dates across all three loans obscures refinancing timing, but the 2022 PGIM origination at $427M is the primary concern given current rate environment. Ownership chain shows two nominal transfers (quit claim in 2020, special warranty in 2022) typical of sponsor rebalancing, but the 3.9-year hold and five transactions in 22 years suggest this is an institutional hold rather than a flip, mitigating distress signals despite the absentee structure.
🏛️ TX Comptroller Entity Data
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
- +7.0%
- Implied Cap Rate ⓘ
- —
- Est. Cap Rate ⓘ
- —
Operating Income
- Gross Potential Rent ⓘ
- —
- Est. Vacancy ⓘ
- —
- Submarket Vac. ⓘ
- 5.2%
- Eff. Gross Income
- —
- OpEx Ratio ⓘ
- 45%
- Est. NOI
- —
- NOI/Unit
- —
Debt & Taxes
- Taxes/Unit ⓘ
- $4,949/yr
- Est. DSCR ⓘ
- —
Based on most recent loan: $427,114,000 (May 2022, attom)
Submarket Benchmarks
📊Computed from nearby properties within 3 miles of similar vintage
No notes yet
Property Summary
ANTHEM is a 231-unit, three-story garden apartment built in 1995 with brick exterior and wood-frame construction, containing 242.3K SF of gross building area. The property is classified as Excellent quality in Good condition, indicating recent or ongoing capital investment despite its 29-year vintage. Located in Valley Ranch, Irving—a car-dependent submarket (Walk Score 21)—the asset serves suburban renters with limited transit access but proximity to retail and employment corridors in Carrollton and Las Colinas. Parking configuration and utility inclusion are not documented in available data; amenity package details are similarly absent.
Property Details
- Account #
- 323789000A0010000
- 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
- 242,280 SF
- Net Leasable Area
- 238,309 SF
- Neighborhood
- UNASSIGNED
- Last Sale
- May 09, 2022
- Place ID
- ChIJaUu3l-QoTIYRYEBGbjmcF8Y
- Business Status
- Operational
- Enriched
- about 2 months ago
Owner Information
- Owner
- VISTA POINTE BORROWER II LLC
- Mailing Address
-
NEW YORK, NEW YORK 100177718
No notes yet
Rental Performance
Rent Trends
Estimated Occupancy
Estimated from listed vacancies vs total units
Available Units Over Time
Latest Scrape (Mar 20, 2026)
Fees
| Unit | Beds | Baths | Sqft | Rent | Status | Listed | Days |
|---|---|---|---|---|---|---|---|
| 1BR | 1 | 841 | $1,321 | Inactive | Dec 14 | 279 | |
|
Dec $1,321
|
|||||||
| A4 | 1BR | 1 | 841 | — | Inactive | Mar 20 | — |
No notes yet
Demographics
Affluent renter market with strong affordability cushion, but demand concentration in tight 1-mile core. The 1-mile radius shows 62.8% renter occupancy—significantly above the 56%+ suburban rings—indicating dense multifamily demand in the immediate submarket. However, the income distribution heavily skews toward $100K+ households (54.5% in 1-mile, 58.9% in 3-mile), suggesting this property captures higher-income renters rather than workforce housing. The 17.0% affordability ratio at 1-mile is exceptionally tight, implying the property's rent likely requires $6.7K+ monthly household income to maintain standard debt-service thresholds. The 3-mile radius offers a 9-point jump in median income ($127.7K vs. $114.1K at 1-mile) and slightly elevated affordability pressure (18.2%), signaling the asset draws from a concentrated affluent corridor rather than broader market support.
1-Mile Radius
- Population
- 21,536
- Households
- 8,295
- Avg Household Size
- 2.61
- Median HH Income
- $114,080
- Median Home Value
- $452,643
- Median Rent
- $1,619
- % Renter Occupied
- 62.8%
- Affordability
- 17.0% (rent/income)
- Income Distribution
-
<$25k $150k+
3-Mile Radius
- Population
- 69,333
- Households
- 28,407
- Avg Household Size
- 2.5
- Median HH Income
- $127,716
- Median Home Value
- $455,921
- Median Rent
- $1,939
- % Renter Occupied
- 56.5%
- Affordability
- 18.2% (rent/income)
- Income Distribution
-
<$25k $150k+
5-Mile Radius
- Population
- 209,466
- Households
- 83,094
- Avg Household Size
- 2.6
- Median HH Income
- $114,103
- Median Home Value
- $428,881
- Median Rent
- $1,832
- % Renter Occupied
- 56.3%
- Affordability
- 19.3% (rent/income)
- Income Distribution
-
<$25k $150k+
Source: US Census ACS 5-Year Estimates (2023) · 6 tracts (1mi)
No notes yet
Unit Mix
Unit Mix Analysis — ANTHEM
The data is insufficient for meaningful analysis. The property reports 231 units but shows only 1 one-bedroom unit with zero counts across all other bedroom types, and no rental rate data (listingsbybedroom is empty). This indicates either a data integrity issue or incomplete property records. Recommend verifying the unit mix breakdown and obtaining current market rent schedules before proceeding with investment underwriting.
Estimated from 1 listed units (0.4% of 231 total)
No notes yet
No notes yet
Appraisal History
Appraisal Analysis – ANTHEM
The property appreciated 7.0% YoY to $45.7M, translating to $198.0K per unit—a healthy valuation in today's market for a 1995-vintage asset. Land represents only 13.0% of total value ($5.9M), leaving 87.0% in improvements ($39.8M), which constrains redevelopment optionality and suggests the property's value is locked into its current operational form rather than land upside. Single-year data limits trend assessment, but the near-peer comparison and YoY momentum indicate stable demand and pricing power without obvious distress signals.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $45,730,450 | +7.0% |
No notes yet
Google Reviews
Rating deterioration and maintenance/management failures undermine investment case. The property declined 40 basis points over six months (3.9% to 3.5%), with 69 one-star reviews (35.6% of 194 total) concentrated in recent months—primarily citing roach infestations, water damage, and billing/management incompetence. While staff individuals (Shampagne, Darreyl) generate repeat praise, systemic operational issues dominate negative sentiment: pest control response times measured in months, flood damage mishandling, and unprofessional leasing operations. The 3.3 overall rating reflects a bifurcated tenant experience (84 fives vs. 69 ones) that signals either inconsistent unit turnover quality post-renovation or deteriorating baseline conditions—both red flags for NOI stability and lease renewal risk.
Rating Distribution
190 reviews total
Rating Trend
Reviews
Move Out Review:
Upon moving out of this unit the staff on property were very kind and very appreciated! Especially Shampagne! One thing I will say that really upset me though was the move out costs. I am being charged $370 for move out costs; $20 for a fireplace cleaning which I am willing to cover because that is a tough job, but I’m being charged $350 for tub resurfacing. The damages on the tub are due to the poor foundation that this property sits on. I don’t feel like it is reasonable for me to have to pay for damages caused by the foundation shifting. The caulking and sealant that is around the tub has separated from the walls due to movement with rhe foundation. Shampagne was outstanding in attempting to get this charge reversed but the regional office I’m assuming, will not waive this cost. Property on staff is great, but their bosses are not accommodating to a tenant like me who has dealt with years and years of inconveniences due to leaks, water damage, foundation shifting, construction, and so on! I have been very patient and understanding with all of these issues since 2023 but I never thought I would have to be the one to be financially responsible for structural issues that I had no control over.
UPDATED REVIEW: The property management and maintenance staff have turned a 180! The staff in the leasing office could not be any more attentive and responsive to any concern you may have. Also the maintenance staff is outstanding! They are on top of all the challenges that this property may bring given its age and location. I will gladly continue to re sign my lease here at Anthem Valley Ranch for as long as I feel valued.......and I currently feel like a very valued and heard tenant!
OLD REVIEW: If I could give them 0 stars I would. Between the management, maintenance staff and apartment complex foundation issues I will guarantee not be renewing my lease when it comes to an end. Management has no sense of compassion/consideration in regards to an emergency maintenance issue I had. Maintenance staff is extremely unprofessional and complains to me as the tenant when it isn’t my responsibility to have a solution to the problems. Also the foundation issues are countless, between door jams that don’t line up, window frames that are crooked allowing countless pests in and all of the AC out. Also the cherry on top is that from one side of my apartment to the other it is about a 4-5 inch drop therefore all of the furniture is slanted and all the molding/baseboards have gaps in them causing more issues in regards to bugs/pests and AC insulation issues.
Once again do not ever sign a lease here. I thought the price was too good to be true since it included an attached garage but honestly knowing what I know now, I would’ve rather paid $200 more and got a better quality product and more professional staff.
Owner response
Tyler, thank you for taking a moment to share about your move-out. We are delighted to hear how hard Shampagne and our team worked to provide helpful support, and we are here if you have any lingering questions about the resurfacing charges. Please don't hesitate to give us a call or stop by to chat anytime. We wish you all the best in your new home!
When I first moved in, the apartment was infested with roaches. This was not a minor issue it took months of pest control to resolve.
There is now a literal hole in the wall at my front entrance that is visible from outside, exposing plumbing and insulation. This is a serious safety, security, and habitability concern, and it should never happen in a unit people are paying to live in.
The AC does not cool properly in the summer, and the heater barely works in the winter. During the winter storm, instead of warming the apartment, the temperature actually dropped.I was freezing inside my own home. That is unacceptable and dangerous.
The carpet is extremely old, worn, and smells, clearly not replaced between tenants. Maintenance issues are frequent, and management is slow to respond or minimizes serious problems.
I almost never leave reviews, but this place has been pissing me off since I moved in. Pest problems, poor maintenance, unsafe conditions, and lack of accountability seem to be the norm here. And lastly loud kids even at night time especially when there no school
Do yourself a favor and live literally anywhere else.
Owner response
Thanks for taking the time to review, Chancie. As a team, we hold no higher priority than your well-being. We will be sure to look into each of the concerns you have shared here, but we also want to speak with you directly. Please give us a call or visit the office at your earliest convenience.
We are very happy living here. The apartments are truly very beautiful. We are currently in a two-bedroom apartment, and we have decided to renew and move to a larger one because we are absolutely pleased with this place.
The management team is excellent, always friendly and attentive, and maintenance responds quickly and efficiently, which is very important to us.
One thing we really appreciate is how clean the complex is. We have not had any issues with roaches or bugs, which gives us great peace of mind.
Our family is very happy here, and we feel comfortable and safe. We definitely highly recommend this community.
Owner response
Keli, thank you so much for this wonderful review. It is always a pleasure to hear from our residents, and we are so glad that you have been enjoying our community, from our responsive team to our commitment to upkeep. We look forward to another great year together.
Anthem Valley Ranch is a really nice spot and I’d give it four stars. The ranch itself is beautiful and very well maintained. The scenery is great, especially if you like wide open spaces, horses, or just being out in nature. It’s peaceful and relaxing, which is exactly what I was hoping for when I visited. There’s plenty of room to walk around and explore, and it doesn’t feel crowded even when a few people are there.
The staff were friendly and helpful, which made the experience even better. They seemed to actually care that we were having a good time and gave clear instructions during activities. The horses are well taken care of and seem calm and trained, which is reassuring if you’re not an experienced rider like me.
My only minor complaints would be that some areas could use a little more shade, especially on hotter days, and a few of the trails felt a bit repetitive after a while. The pricing is fair, but if you’re planning to do multiple activities it can add up quickly.
Overall, Anthem Valley Ranch is a solid place for a day trip, family outing, or just getting away from the city for a while. I’d definitely recommend it if you’re looking for a chill, outdoor experience with horses and nice scenery. It’s worth checking out.
Owner response
Thank you for the outstanding feedback, Donnie! We are thrilled that you think so highly of our team and our scenery, and we are here if you ever need anything. Reach out anytime!
Lived here for 3 months, paid for 5 Months. When I rented I told them, I am here only for 3 Months which was basically kind of notice. Anyways their billing department, (unprofessional) seems confused and you will get bills several weeks later after leaving the apartment. Well, at least they replied in comment. Increasing rating because maintenance person and Staff were good.
Owner response
Manish, thank you for reaching out. We are always happy to answer any questions you have about the move-out process and our policies. Please contact us by phone or stop by the office anytime.
No notes yet
Data Sources
No notes yet