The Crossing at Clear Creek is a 264-unit, 3-story garden apartment community delivering 372.5K SF of new construction (40% complete as of data pull) with 310.3K SF net leasable area. Built in 2024 using wood-frame construction with frame exterior, the property offers 1–4 bedroom units finished to very good quality with modern appliances and contemporary flooring throughout. Located approximately 20 minutes south of downtown Dallas with I-20 and Highway 175 access, the asset provides suburban positioning with direct freeway connectivity. Parking specifications and utility inclusions are not documented in available data.

Affordability and Income Profile:
The 1-mile radius shows the strongest affordability position at 22.1%, supported by $73.9K median household income, though this tightens to 23.3% at 3 miles ($66.1K) as the submarket shifts toward workforce housing. The income distribution is bimodal—peaks at $50–75K (22–23% across all radii) and $100–150K (18–20%)—indicating this is neither pure workforce nor luxury renter territory, but rather a mixed-income market dependent on achievable rent levels.

Renter Demand Depth and Demographic Support:
Renter occupancy holds steady at 27–28% across all three radii, suggesting consistent multifamily penetration rather than a renter-concentrated pocket, which limits upside but signals stable baseline demand. The 5-mile radius population (103.6K) provides meaningful scale; median age data is absent, but the 3.3–3.4 household sizes indicate family-oriented demographics—a headwind for single/young professional targeting typical of 264-unit garden communities.

Geographic and Competitive Positioning:
Income flattens moving outward ($73.9K to $65.7K), signaling this site sits in a relative prosperity pocket within a broader middle-income ring. The 1-mile affordability advantage suggests limited direct competition nearby or a supply gap; verify absorption velocity and in-flight units before underwriting occupancy assumptions.

Appraisal Interpretation:

Single 2025 appraisal of $34.7M reflects a newly stabilized asset (40% complete at time of data capture, delivered 2024); the 2196.1% YoY change is a data artifact from prior-year near-zero valuation during construction phase and provides no meaningful trend analysis. Per-unit value of $131.5K sits below typical Class A multifamily ($160K–$180K depending on Raleigh submarket), suggesting either below-market rent positioning or depressed market conditions at appraisal date. Land represents 13.1% of total value—typical for stabilized product—leaving limited redevelopment upside; the asset is configured as built rather than positioned for significant physical repositioning.

Rating stability masks operational inconsistencies during lease-up phase. The 4.5 overall rating with 83.7% five-star reviews reflects strong leasing and community programming execution—particularly around staff (Angel, Sophia, Necia) and food pantry amenities—but the bimodal distribution (41 fives, 6 ones, only 2 fours) signals unresolved process failures rather than minor friction. The one five-star review citing "lost deposit" and poor communication, combined with complaints about amenity access (unopened pool) and unclear policies (storage restrictions), indicates operational gaps inconsistent with 40% occupancy maturity. The 0.1-point decline over six months is immaterial, but the clustering of negative reviews around administrative processes rather than property condition suggests management training or systems gaps rather than capital defects.