Debt structure signals refinancing urgency and potential distress. The property carries $85M in stacked debt ($752K/unit) against a $25.7M appraised value—a leverage multiple that appears inverted and suggests either severe market deterioration since acquisition or appraisal issues. The shorter-term private loan originated at purchase (Sept 2016, 24-month term) has likely matured or is near maturity, creating immediate refinancing pressure; the insurance company note (60-month term from Nov 2016) matures around mid-2021, leaving minimal runway. With no DSCR provided and debt-to-value exceeding 300%, the property is either cash-flowing inadequately or the appraisal significantly understates current value. The Tax Deed acquisition in Sept 2016 followed by immediate institutional financing in Nov 2016 suggests a distressed entry, and the absentee corporate ownership paired with 9.5-year hold and only two transactions indicates a value-add or workout scenario rather than a flip strategy. Without current rate/maturity clarity on both loans, refinancing at today's rates on this leverage profile poses acute risk.

The Gallery at Turtle Creek Building B is a 2012-vintage, 113-unit podium-style apartment tower in Dallas with a 6-story reinforced concrete frame and brick exterior. At 129.1K SF gross building area (102.9K SF net leasable), the property delivers 910 SF average unit size and maintains Good quality and Excellent condition ratings. The location scores 89 on Walk Score, indicating strong urban accessibility. Parking type, specific amenity packages, and utility/pet details are not disclosed in available data.

The property operates in an affluent urban core with limited workforce housing exposure. The 1-mile radius shows a 33.8% concentration in the $150K+ income bracket and a 22.0 affordability ratio, indicating this submarket skews toward high-income renters; the ratio deteriorates to 19.3% at the 5-mile ring, where workforce households ($25K–$75K) comprise 43.8% of income distribution. The 74.0% renter concentration within 1 mile—versus 62.9% at 5 miles—signals strong core demand but limited suburban spillover, suggesting the property depends on a tight premium renter pool rather than broad demographic tailwinds. Median household income remains stable across radii ($106K–$110K), but the steep income distribution skew and low avg household size (1.47 at 1 mile) point to a young professional/DINK market vulnerable to economic downturns or competitive supply.

The property has declined 4.1% year-over-year to $25.7M ($227.8K per unit), suggesting recent market compression rather than fundamental distress—typical of rate-sensitive multifamily in 2024–25. Land represents 23.7% of total value ($6.1M), leaving 76.3% in improvements; this modest land-to-value ratio and 2012 vintage offer limited redevelopment upside without major capital repositioning. Without prior-year appraisals, the trend cannot be contextualized against acquisition timing or broader Dallas multifamily pricing, but the current per-unit mark appears defensible for a mid-cycle stabilized asset in a strong submarket.