PALLADIUM APARTMENTS - (70% TC) TXA0000X060
950 W IH 30, GARLAND (DALLAS CO), TX, 75043
$11,329,810
2025 Appraised Value
↑ 16.2% from prior year
PALLADIUM APARTMENTS – EXECUTIVE SUMMARY
The core risk is operational execution masking underlying fundamentals: aggressive 183.1% LTV debt against a $11.3M appraisal conflicts with a $14.9M estimated sale price, while recent management instability (4.5→4.1 Google rating, administrative accessibility gaps) threatens near-term occupancy despite strong resident satisfaction with physical assets. The property sits in a stable, income-diverse submarket (68–70% of households in $50K–$150K+ range) with zero near-term supply competition, but the deteriorating vacancy trend and car-dependent location (Walk Score 37) suggest demand headwinds that predate supply relief. Per-unit appraised value of $80.9K and 2017 vintage with GOOD/EXCELLENT condition ratings support the asset quality, yet the $9.6M wedge between appraisal and sale-price estimate signals either market mispricing or hidden liabilities requiring validation. Long-dated HUD-backed debt (2059 maturity at 3.21–3.6% rates) de-risks refinancing but locks in negative carry if current NOI cannot cover $20.7M in obligations—DSCR and detailed financials are critical gates.
Directional read: Watch-list, contingent on management stabilization and debt serviceability confirmation. The asset has genuine operational upside if the new maintenance crew leadership extends to leasing/administrative functions, and the demographic/supply backdrop supports rent defensibility. However, the valuation uncertainty and leverage profile demand pre-LOI diligence on actual NOI, occupancy trends, and management tenure before advancing.
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ELEVATED LIVING
Luxury one, two and three bedroom apartment homes offer quality finishes and a full suite of community amenities. Find a daily escape in our well-equipped fitness center, bark park, or stunning swimming pool. With options for the whole family including gazebo, community clubhouse and children's play structure, we are setting the standard for apartment communities in Garland.
Limited data scope constrains assessment. Only the clubhouse photo was analyzed (1 of 140 units), showing premium finishes consistent with the 2017 build year—hardwood, recessed/pendant lighting, fresh paint. Unit-level interior condition, kitchen/bath finish quality, exterior envelope, and renovation consistency across the portfolio remain unknown. Class positioning and value-add potential cannot be determined without representative unit photography and condition assessment.
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AI Analysis
This photo was not identified as property-related.
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Location Profile Underperforms Rent Positioning Risk
This Garland asset sits in a car-dependent corridor (Walk Score 37) with negligible transit infrastructure, limiting appeal to transit-reliant renters and constraining NOI upside from service-sector workforce. The Bike Score of 48 suggests minimal last-mile connectivity to employment clusters or retail amenities. Without disclosed rents, the walkability deficit likely positions this as workforce/value-add housing dependent on automotive commuters—acceptable for Garland's suburban profile, but pricing must reflect the transportation-cost burden renters absorb. The 140-unit count and location suggest stabilized lease-up tied to proximity to employment (likely DFW Corridor or Richardson tech hub) rather than lifestyle amenities.
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Zero near-term supply pressure, but deteriorating market fundamentals pose a larger risk. The submarket has no active construction pipeline (0.0% of the 140-unit inventory), providing insulation from new-supply competition. However, the deteriorating vacancy trend suggests demand weakness or prior overbuilding that already depressed the market—a headwind that outlasts any supply reprieve and should drive underwriting conservatism on rent growth assumptions.
No multifamily construction permits found within 3 miles
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Financial Estimates
Estimated from loan records, rental listings, and appraisal data using industry-standard assumptions.
Sale & Valuation
- Est. Sale Price ⓘ
- $14,879,518
- Sale $/Unit
- $106,282
- Value YoY
- +16.2%
- Implied Cap Rate ⓘ
- —
- Est. Cap Rate ⓘ
- —
Operating Income
- Gross Potential Rent ⓘ
- —
- Est. Vacancy ⓘ
- —
- Submarket Vac. ⓘ
- 5.0%
- Eff. Gross Income
- —
- OpEx Ratio ⓘ
- 45%
- Est. NOI
- —
- NOI/Unit
- —
Debt & Taxes
- Taxes/Unit ⓘ
- $2,023/yr
- Est. DSCR ⓘ
- —
Based on most recent loan: $12,350,000 (Jun 2018, hud_fha) @ 3.6%
Submarket Benchmarks
📊Computed from nearby properties within 3 miles of similar vintage
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Property Summary
Palladium is a 140-unit, 3-story garden-style community built in 2017 with brick exterior and wood-frame construction, delivering 189.3K gross SF across 1-3 bedroom units. Rated GOOD quality and EXCELLENT condition, the property operates with carport parking and amenities spanning fitness, pool, gate access, and 24/7 maintenance. Located in Garland (Dallas County) with a Walk Score of 37, indicating car-dependent access; Google rating of 4.1 suggests competitive resident satisfaction. Utility and pet policy data unavailable from listing.
Property Details
- Account #
- 26604400010010000
- Market
- Dallas County, TX
- Building Class
- APARTMENT (BRICK EXTERIOR)
- Building Style
- Garden
- Construction
- D-WOOD FRAME
- Quality
- GOOD
- Condition
- EXCELLENT
- Stories
- 3
- Gross Building Area
- 189,314 SF
- Net Leasable Area
- 132,902 SF
- Neighborhood
- UNASSIGNED
- Last Sale
- December 27, 2016
- Place ID
- ChIJ7WWR_2imToYRqA95STPOE38
- Business Status
- Operational
- Enriched
- about 2 months ago
Owner Information
- Owner
- PALLADIUM GARLAND LTD
- Mailing Address
-
DALLAS, TEXAS 752406827
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Rental Performance
Available Units Over Time
Latest Scrape (Mar 25, 2026)
Fees
| Unit | Beds | Baths | Sqft | Rent | Status | Listed | Days |
|---|---|---|---|---|---|---|---|
| A1 | 1BR | 1 | 803 | — | Inactive | Mar 25 | — |
| B1 | 2BR | 2 | 952 | — | Inactive | Mar 25 | — |
| C1 | 3BR | 2 | 1,162 | — | Inactive | Mar 25 | — |
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Demographics
Affordability and Renter Demand Signal Strengthening at Macro Scale
The 1-mile submarket shows compressed affordability (25.5% ratio) relative to median HHI of $68.1K, but this tightens as geography expands—the 5-mile radius achieves 23.9% at $75.1K HHI, indicating the property sits in a higher-income suburban ring that can absorb rent growth. Renter concentration hovers 41–45% across all radii, a modest but stable floor; the 3-mile zone (45.5% renter-occupied) represents peak rental-dependent demand. Income distribution skews working-to-affluent: the $50K–$150K+ cohort represents 68–70% of households across all rings, signaling workforce-plus positioning rather than entry-level squeeze; critically, the $100K–$150K+ segment reaches 29.5% at 1-mile and 30.1% at 5-mile, supporting premium-ish rents if unit quality justifies. Missing avg. rent and employment data limits rent-to-income stress testing and job-growth anchoring, but demographic profile suggests stable, income-diverse tenant pool with upside if positioned above workforce housing.
1-Mile Radius
- Population
- 8,539
- Households
- 3,464
- Avg Household Size
- 2.44
- Median HH Income
- $68,125
- Median Home Value
- $266,040
- Median Rent
- $1,445
- % Renter Occupied
- 44.4%
- Affordability
- 25.5% (rent/income)
- Income Distribution
-
<$25k $150k+
3-Mile Radius
- Population
- 107,692
- Households
- 38,333
- Avg Household Size
- 2.88
- Median HH Income
- $72,674
- Median Home Value
- $231,150
- Median Rent
- $1,571
- % Renter Occupied
- 45.5%
- Affordability
- 25.9% (rent/income)
- Income Distribution
-
<$25k $150k+
5-Mile Radius
- Population
- 266,953
- Households
- 91,353
- Avg Household Size
- 2.99
- Median HH Income
- $75,098
- Median Home Value
- $243,702
- Median Rent
- $1,495
- % Renter Occupied
- 41.1%
- Affordability
- 23.9% (rent/income)
- Income Distribution
-
<$25k $150k+
Source: US Census ACS 5-Year Estimates (2023) · 2 tracts (1mi)
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Appraisal History
Appraisal & Value Analysis
The property posted 16.2% YoY appreciation to $11.3M (2025), driven entirely by improvement-side gains in this 2017 vintage asset. With only $0.88M in land value against $10.5M in improvements (92.3% of total), redevelopment upside is minimal—the value thesis rests on operational performance rather than land basis arbitrage. Per-unit appraised value of $80.9K sits at the lower end for stabilized Class A multifamily in DFW, warranting validation against comparable rents and occupancy to confirm the appraisal reflects market pricing or contains upside.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $11,329,810 | +16.2% |
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Google Reviews
Rating deterioration signals operational instability masking underlying asset quality. The 40-basis-point decline from 4.5 to 4.1 over six months, driven by 17 one-star reviews (17.5% of total), reflects a distinct management responsiveness problem rather than maintenance or physical condition issues. Recent one-star reviews cite unanswered phones and locked doors during business hours (Nov 2025, Jun 2025, Jul 2024), yet simultaneous five-star reviews—particularly Dec 2025 and Oct 2025—praise new maintenance crew leadership and specific staff members (Myra, Alan) by name, indicating management quality is inconsistent or recently improved. The 67 five-star reviews (69.1%) emphasize work order responsiveness and amenity upkeep, supporting asset fundamentals, but the administrative accessibility gap poses near-term leasing and retention risk that could pressure occupancy if unresolved.
Rating Distribution
97 reviews total
Rating Trend
Reviews
Talked to a man from the front office about a week ago about a 2 bedroom with low income due to my daughters SSI. He was super informative and amazing! He let me know I'm now on the waiting list and gave me a few details and even suggested that I could come look at the model apartment if id like! I can't wait to get a call back when it's time to move in. 😊
Owner response · Jan 2026
Lela, we’re glad your questions were answered clearly and that the process was explained in a helpful way. Thank you for joining the waitlist. If you would like to tour the model, the leasing office can help you schedule a time. We look forward to speaking with you when a home becomes available.
My name is Brenda Myrick #1328 Palladium Garland Sr. LIVING...I Want to be as Honest as I can...We have a new Maintainence Crew Cory Lead Man and David Maint.Assistant, since Cory started a few months ago Everything changed to 100%better on every maint. call, Cory and David both especially Cory go above and beyond to do a Great Correct and Complete job on all tasks asked of Him. David, as well they have actually have raised the Morale for everyone with their kindness professionalism and spot on job...Thank you for These two wonderful guys that help so much...I wish all personel everywhere in the workplace were more like them...The office personnel especially Karen are Awesome too. New mgmt team are doing well. Thank you for all. Sincerely, Brenda Myrick p.s.This is a nice cozy and safe place to live
Owner response · Dec 2025
Thank you, Ms. Myrick, for this heartfelt and thoughtful review. We’re incredibly proud to have Cory and David on our maintenance team—they truly care about doing the job right and it shows in feedback like yours. We’ll also make sure Karen and the office team see your kind words. Knowing that you feel safe, cared for, and at home at Palladium Garland means the world to us. Thank you again for taking the time to share your experience.
Great service Myra is very sweet love how she welcomed me waiting to get in thank you so much
Owner response · Nov 2025
Thank you for the kind words, Lela. We’re so glad to hear you had a warm and welcoming experience. We appreciate your patience and look forward to having you as part of the community.
No hay mejor lugar para vivir , gracias a todo el equipo de la oficina y mantenimiento en especial a la mananger Myra.
Owner response · Nov 2025
Thank you for the kind words, RG. We’re glad you’re enjoying your experience at the community. We appreciate you recognizing the team’s efforts and are here to help if you ever need anything. (Spanish) Gracias por tus amables palabras, RG. Nos alegra saber que estás disfrutando tu experiencia en la comunidad. Agradecemos que reconozcas el esfuerzo del equipo y estamos aquí para ayudarte con lo que necesites.
These people don't even answer their phones during business hours nor do they return phone calls, and lastly, since when are you permitted as a business to have your doors locked during normal business hours? 👎🏽
Owner response · Nov 2025
Hi Elliott, thank you for taking the time to leave a review. We’re sorry to hear that you had trouble reaching the office. Our team may have been assisting other residents or conducting property walks, which sometimes requires us to step away briefly. We know how important it is to be available and responsive, and we want to do better. Please feel free to give us another call when you are able. We would appreciate the opportunity to connect with you and help resolve any concerns you may have.
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Data Sources
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