DHA

DHA – Dallas Garden Apartment

This 106-unit, 2-story garden-style property built in 2007 comprises 117.7K SF of brick exterior construction (wood frame) classified as Good quality and condition. The 50 walk score reflects suburban positioning typical of Dallas multifamily stock. Parking type, amenity detail, utilities, and pet policy are not specified in available data, limiting deeper operational analysis.

Affordability risk in the immediate submarket; broader ring offers stronger demand depth. The 1-mile radius shows acute stress: median household income of $36.9K paired with a 31.4% affordability ratio signals renters are cost-burdened, particularly the 38.1% earning under $25K. However, the 3-mile and 5-mile radii demonstrate materially higher income ($65.2K and $80.0K respectively) with healthier 22.7% and 22.1% ratios, indicating DHA likely draws tenants from the wider trade area rather than competing purely on affordability within its immediate neighborhood. Renter concentration remains elevated across all rings (56.0%–61.9%), supporting stable demand, but the 1-mile income distribution heavily skews low-income, whereas the 5-mile ring shows a more balanced mix with 22.1% earning $150K+—a signal that DHA's competitive set and tenant quality depend critically on location positioning within this heterogeneous geography.

Appraisal History:

Current appraisal sits at $23.1M ($217.5K/unit) with zero YoY movement, suggesting market plateau after likely appreciation into 2024. Land represents 9.1% of total value ($2.1M), indicating minimal redevelopment optionality—the 2007-vintage asset is fully capitalized as-is. Single appraisal snapshot limits trend analysis, but flat pricing in a rising-rate environment warrants scrutiny on underwriting assumptions and comparable comps.

Review data insufficient to support underwriting thesis. With only 3 reviews across a 106-unit property and no temporal rating trends (prior/recent 6-month averages unavailable), the perfect 5.0 rating carries minimal analytical weight—likely reflects self-selection bias rather than representative resident sentiment. The absence of detailed feedback and two-year gap between most recent reviews (2024-10 vs. 2022-08) prevents assessment of management quality, maintenance standards, or operational issues. Recommend supplementing with resident surveys, third-party scorecards (Apartments.com, ApartmentList), or lease compliance/turnover data before proceeding.