TIMBERS AT HICKORY TREE (TDHCA# 19604)
3401 HICKORY TREE RD, BALCH SPRINGS, TX
$27,000,000
2025 Appraised Value
↑ 35.0% from prior year
TIMBERS AT HICKORY TREE – EXECUTIVE SUMMARY
Operational deterioration and location constraints override a stabilized 2020 asset trading at $125.0K/unit. The property's 35.0% year-over-year appraisal jump to $27.0M masks a troubling 30 bps rating decline to 3.7 on Google Reviews, with 1-star complaints rising fourfold to 15.3%—centered on maintenance delays, security incidents, and noise in 2024–2025. The 1-mile demographics reveal tight affordability (21.1% rent-to-income ratio) anchored to workforce renters ($53.3K median income, 43.7% sub-$50K), while Walk Score 48 and absent transit infrastructure position this as a car-dependent outer-ring property with limited rent-premium upside. Unit-level photos show selective value-add opportunity (6 builder-grade units, 2 poor-condition flags), but the amenity package alone cannot overcome security/maintenance execution gaps and submarket mobility constraints. Watch-list: Model near-term capex (standardized unit renovations, security upgrade) and on-property income stability against workforce churn; likely acquisition candidate only if seller concessions reflect operational reset and if capex roadmap demonstrates clear path to 3.8+ rating recovery within 18 months.
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What we do hits HOME.
Discover your new home at Timbers at Hickory Tree! Conveniently located in Balch Springs, TX, our community offers numerous dining, shopping and entertainment options right outside of your front door. Offering a variety of spacious 1, 2 and 3 bedroom apartment homes, we're the expert at combining quality and comfort, making Timbers at Hickory Tree an ideal place to call home. Every feature is designed with you in mind, from the refreshing outdoor swimming pool and play areas to the on-site fitness center and the community clubhouse. Timbers at Hickory Tree participates in an affordable housing program where income limits apply. An affordable housing community participating in the Low Income Housing Tax Credit Program (LIHTC) with income restrictions and favorable rent advantages for qualifying low and moderate income households.
Timbers at Hickory Tree is a Class B+ property with strong bones but uneven unit-level finishes, positioning it for selective value-add. The 2020 construction and 41-photo sample reveal 26 units in excellent condition against only 2 in poor condition, yet renovation estimates cluster across 2012–2023, suggesting a patchwork upgrade cycle rather than a cohesive renovation program. Unit finishes are split: 16 units show upgraded specs (white quartz counters, stainless steel appliances, modern slab/shaker cabinetry), while 6 units remain builder-grade with honey oak and basic acrylic fixtures. The amenity package punches above asset class—resort-style pool with zero-entry design, modern fitness center, and a striking timber-frame clubhouse—but cannot offset inconsistent interior finishes. Opportunity exists in standardizing remaining builder-grade units to upgraded finishes to improve NOI and marketability, particularly the 6 units with dated cabinetry and the 2 flagged units in poor condition.
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AI Analysis
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Location severely constrains value creation and tenant quality. Walk Score of 48 and absent transit infrastructure classify this property as car-dependent with minimal last-mile connectivity, incompatible with workforce housing demand drivers in DFW. The Balch Springs submarket lacks restaurant/grocery density required to support rent premiums; bike score of 42 signals poor micromobility viability. Without rent data, the risk profile is elevated—a 216-unit complex in a mobility-challenged outer-ring suburb will struggle to compete for price-sensitive tenants unless positioned as deeply affordable or tied to proximate employment (warehouse/logistics clusters). Due diligence should map distance to major job centers and validate tenant income stability against limited neighborhood walkability.
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No material supply headwind exists for Timbers at Hickory Tree. With 0.0% pipeline penetration and zero active construction starts nearby, the asset faces no direct competitive pressure from new deliveries in the immediate market. The single permit in inspection phase at 2050 Dowdy Ferry Road lacks unit count data, but its early-stage status suggests minimal near-term threat to occupancy or rental rate trajectory.
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
- —
- Sale $/Unit
- —
- Value YoY
- +35.0%
- Implied Cap Rate ⓘ
- —
- Est. Cap Rate ⓘ
- —
Operating Income
- Gross Potential Rent ⓘ
- —
- Est. Vacancy ⓘ
- —
- Submarket Vac. ⓘ
- 3.9%
- Eff. Gross Income
- —
- OpEx Ratio ⓘ
- 45%
- Est. NOI
- —
- NOI/Unit
- —
Debt & Taxes
- Taxes/Unit ⓘ
- $3,125/yr
- Est. DSCR ⓘ
- —
Submarket Benchmarks
📊Computed from nearby properties within 3 miles of similar vintage
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Property Summary
Timbers at Hickory Tree is a 216-unit, 3-story garden-style apartment community built in 2020 with brick exterior and wood-frame construction, located in Balch Springs on the southeast side of the DFW metroplex (Walk Score 48). The 267K SF property offers 1-, 2-, and 3-bedroom units with garage parking and amenity package including fitness center, pool, and community spaces; GOOD quality/EXCELLENT condition per TDHCA. Pets capped at 2 with breed restrictions; utilities appear separately metered with no in-lease inclusions.
Property Details
- Account #
- 120825500A0010000
- 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
- 267,011 SF
- Net Leasable Area
- 225,507 SF
- Neighborhood
- UNASSIGNED
- Last Sale
- September 27, 2019
- Place ID
- ChIJQ-ry5lS7ToYRbLDogWq5ybI
- Business Status
- Operational
- Enriched
- about 2 months ago
Owner Information
- Owner
- BALCH SPRINGS LEASED HOUSING
- Mailing Address
-
ASSOCIATES I LLLPPLYMOUTH, MINNESOTA 554412644
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Rental Performance
Rent Trends
Estimated Occupancy
Estimated from listed vacancies vs total units
Asking Rent Range
Min/avg/max asking rents from property website
Available Units Over Time
Latest Scrape (Mar 22, 2026)
Fees
Concession Details
- • No specials currently offered
| Unit | Beds | Baths | Sqft | Rent | Status | Listed | Days |
|---|---|---|---|---|---|---|---|
| 3BR | 2 | 1,240 | $1,641 | Inactive | Mar 22 | — | |
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Mar $1,641
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| 3BR | 2 | 1,240 | $1,641 | Inactive | Mar 22 | — | |
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Mar $1,641
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| 3BR | 2 | 1,219 | $1,641 | Inactive | Mar 22 | — | |
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Mar $1,641
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| 2BR | 2 | 1,063 | $1,426 | Inactive | Mar 22 | — | |
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Mar $1,426
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| 2BR | 2 | 1,063 | $1,426 | Inactive | Mar 22 | — | |
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Mar $1,426
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| 2BR | 2 | 1,042 | $1,426 | Inactive | Mar 22 | — | |
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Mar $1,426
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| 1BR | 1 | 703 | $1,198 | Inactive | Mar 22 | — | |
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Mar $1,198
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| — | BR | — | $922 | Inactive | Nov 15 | 630 | |
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Demographics
The 1-mile footprint presents tight affordability at a 21.1% ratio against $53.3K median income, suggesting rent is well-calibrated to immediate neighborhood wage levels but leaves minimal cushion for renters in the $25–50K band (27.8% of households). Renter concentration jumps materially from 45.1% at 1-mile to 35.8% at 3-mile, indicating this property sits in a renter-dense pocket rather than a broader rental market—a double-edged signal of strong immediate demand but potential supply saturation. The income distribution is bimodal and workforce-skewed: 43.7% of the 1-mile cohort earns under $50K, while only 16.9% exceeds $100K, confirming this is entry-to-moderate income rentership, not affluent. The 3- and 5-mile rings show income lift ($61.2K to $63.7K) and income-distribution rightward skew (26.1% to 26.1% above $100K), suggesting the property captures spillover from an improving suburban halo but remains anchored to workforce housing demand.
1-Mile Radius
- Population
- 10,979
- Households
- 3,507
- Avg Household Size
- 3.13
- Median HH Income
- $53,299
- Median Home Value
- $136,496
- Median Rent
- $937
- % Renter Occupied
- 45.1%
- Affordability
- 21.1% (rent/income)
- Income Distribution
-
<$25k $150k+
3-Mile Radius
- Population
- 107,541
- Households
- 32,234
- Avg Household Size
- 3.36
- Median HH Income
- $61,194
- Median Home Value
- $186,308
- Median Rent
- $1,238
- % Renter Occupied
- 35.8%
- Affordability
- 24.3% (rent/income)
- Income Distribution
-
<$25k $150k+
5-Mile Radius
- Population
- 234,909
- Households
- 71,763
- Avg Household Size
- 3.31
- Median HH Income
- $63,723
- Median Home Value
- $185,915
- Median Rent
- $1,327
- % Renter Occupied
- 36.4%
- Affordability
- 25.0% (rent/income)
- Income Distribution
-
<$25k $150k+
Source: US Census ACS 5-Year Estimates (2023) · 2 tracts (1mi)
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Amenities
Pet Policy
Max 2 pets allowed. Some breed and other restrictions may apply.
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Appraisal History
Appraisal History & Valuation
The property experienced a sharp 35.0% year-over-year jump to $27.0M in 2025, driven by strong improvement appreciation rather than land revaluation ($1.5M land value represents only 5.4% of total—typical for a recently stabilized asset). With a single 2025 appraisal at $125.0K per unit, we lack trend visibility, but the outsized gain suggests either prior undervaluation, recent lease-up completion (property is only 5 years old), or favorable market repricing in the Hickory Tree submarket. The 94.6% improvement-to-total-value ratio offers minimal redevelopment upside; hold-and-operate is the play.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $27,000,000 | +35.0% |
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Google Reviews
Rating deterioration signals operational stress. The 4.0 all-time rating masks a 30 basis point decline to 3.7 over the last six months, driven by 15.3% of reviews grading 1-star versus only 3.5% prior—a fourfold increase in severe complaints. Maintenance responsiveness and safety dominate negative feedback: repair delays spanning months, zero amenities cited, repeated shootings/car break-ins, and noise complaints cluster in 2024-2025, while positive reviews emphasize cleanliness and staff personalities rather than operations. The polarized distribution (54 five-stars, 13 one-stars) suggests acute issues affecting specific resident cohorts, likely linked to property condition and security rather than management capability alone. This trajectory undermines acquisition thesis unless near-term capex and security improvements are modeled as value-add drivers.
Rating Distribution
85 reviews total
Rating Trend
Reviews
Owner response · Jan 2026
Thank you for the 5-star review, Carlos! We appreciate your support and are happy you’re enjoying Timbers at Hickory Tree.
I like Thais place
Owner response · Nov 2025
Thank you for the 5-star review! We’re delighted you’re enjoying Timbers at Hickory Tree.
Owner response · Jan 2023
Thank you very much for this 5-star review of Timbers at Hickory Tree! We try our best to provide a fantastic living experience, and we love to hear that our efforts are paying off.
Owner response · Sep 2025
Julio, thank you for the 5-star review. We appreciate your support and are glad you’re enjoying Timbers at Hickory Tree.
Wonderful place everything went by pretty quickly my children and I love it here so far so good really nice staff glad to have moved here.
Owner response · Mar 2021
Thank you for awarding Timbers at Hickory Tree with a five-star rating, Tippy H! We appreciate your positive feedback.
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Data Sources
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