(NC 75%) RESERVE AT SHILOH
1102 N SHILOH RD, GARLAND (DALLAS CO), TX
$21,682,850
2025 Appraised Value
↑ 37.0% from prior year
RESERVE AT SHILOH – EXECUTIVE SUMMARY
The critical investment signal is operational risk masking asset quality: a 2.1-point Google rating collapse in six months (4.7 to 2.6) driven by managerial vacancy and deferred maintenance, not structural defect. The property is a 2022-vintage, 106-unit brick mid-rise appraised at $21.7M ($204.6K/unit) with zero pipeline competition and no endemic construction flaws—fundamentals suggest a sound box. However, rent calibration poses downside exposure: the immediate 1-mile submarket has only $67.5K median HHI with 39.8% of households earning under $50K, yet the property appears priced for 3–5 mile draw (median $78.8K, 34.1% above $100K), creating occupancy vulnerability if lease-up has stalled or if management cannot penetrate higher-income rings. The 4.8% land-to-total ratio eliminates redevelopment optionality, locking value into stabilized operations. Car-dependent location (Walk Score 39) may suppress rent premiums versus transit-proximate Dallas secondaries by 10–15%, though lack of pipeline supply provides pricing power if repositioned correctly.
Recommendation: Watch-list with pre-bid operational audit required. This is a "fix the operator, not the box" scenario—recent positive reviews credit specific leasing staff, confirming the asset responds to proper management. Acquire only if (1) on-site management can be replaced immediately, (2) rent roll is verified against 3–5 mile income cohort, and (3) exterior maintenance defects do not indicate structural/waterproofing issues requiring capital deployment beyond cosmetics.
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Reserve at Shiloh shows inconsistent finishes and deferred exterior maintenance despite 2022 construction. The unit mix splits evenly between builder-grade and upgraded finishes, indicating a partial renovation strategy or mixed lease-up; hallway paint shows scuffing in 57% of photos analyzed, suggesting moderate traffic wear. The exterior concrete displays significant staining and deterioration patterns inconsistent with a two-year-old property, flagging potential drainage or maintenance issues. With 106 units and no documented amenity photos, this Class B property has moderate value-add upside via full interior standardization, but the exterior condition warrants closer inspection for structural or waterproofing defects.
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AI Analysis
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Location severely constrains value creation. With a Walk Score of 39 and Transit Score of 35, this Garland asset is car-dependent in a market where suburban multifamily increasingly requires walkability to attract quality tenants. The Bike Score of 34 further signals limited alternative transportation infrastructure. Without disclosed rents, the underwriting risk is whether the property's pricing reflects this mobility deficit—suburban Dallas markets typically command 10–15% discounts versus transit-accessible corridors. Pre-acquisition, verify whether the 106-unit class validates car-dependent economics or if rent/occupancy trends suggest tenant flight to walkable secondaries like Uptown or downtown-proximate submarkets.
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Pipeline Takeaway: Zero competitive threat from new supply. With 0.0% pipeline penetration and no active construction projects nearby, this 106-unit asset faces negligible near-term lease-up competition or downward rent pressure from supply-side headwinds. The absence of permit filings further confirms a supply-constrained micromarket, which should support occupancy stability and pricing power through the current cycle.
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
- +37.0%
- Implied Cap Rate ⓘ
- —
- Est. Cap Rate ⓘ
- —
Operating Income
- Gross Potential Rent ⓘ
- —
- Est. Vacancy ⓘ
- —
- Submarket Vac. ⓘ
- 3.5%
- Eff. Gross Income
- —
- OpEx Ratio ⓘ
- 50%
- Est. NOI
- —
- NOI/Unit
- —
Debt & Taxes
- Taxes/Unit ⓘ
- $5,114/yr
- Est. DSCR ⓘ
- —
Submarket Benchmarks
📊Computed from nearby properties within 3 miles of similar vintage
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Property Summary
Reserve at Shiloh is a 106-unit, four-story mid-rise delivered in 2022 with 117K gross square feet and wood-frame construction clad in brick. Class A finishes and condition are reflected in the EXCELLENT quality designation across a purpose-built apartment product. Located in Garland (Dallas County) with a Walk Score of 39, the property sits in a car-dependent suburban market within the broader Dallas metro. Parking configuration and utility/pet policy details are not populated in available records.
Property Details
- Account #
- 26481250010020000
- Market
- Dallas County, TX
- Building Class
- APARTMENT (BRICK EXTERIOR)
- Building Style
- Mid-Rise
- Construction
- D-WOOD FRAME
- Quality
- EXCELLENT
- Condition
- EXCELLENT
- Stories
- 4
- Gross Building Area
- 117,036 SF
- Net Leasable Area
- 94,059 SF
- Neighborhood
- UNASSIGNED
- Last Sale
- April 11, 2022
- Place ID
- ChIJK3U-rkYdTIYRubRUrgGh4b8
- Business Status
- Operational
- Enriched
- about 2 months ago
Owner Information
- Owner
- RESERVE AT SHILOH LLC
- Mailing Address
-
STE 210WEST CHESTER, OHIO 450694847
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Demographics
The 1-mile submarket is income-constrained relative to broader trade area dynamics: median household income of $67.5K paired with a 25.5% affordability ratio suggests rent pricing is aggressive for the immediate demographic, yet the 3-mile and 5-mile radii show materially stronger income ($70.0K and $78.8K respectively) and improved affordability (26.7% and 23.2%), indicating the property is drawing from a wider, more affluent ring. Renter concentration is healthy across all geographies (42.1%–47.5%), with the 1-mile core skewing heavily toward workforce housing—39.8% of households earn under $50K—while the 5-mile perimeter shows meaningful high-income depth (34.1% above $100K). The property's lease-up success will depend on penetrating the higher-income 3–5 mile markets; heavy reliance on the immediate 1-mile submarket poses downside risk to occupancy if rent is not recalibrated to $67.5K median HHI.
1-Mile Radius
- Population
- 21,754
- Households
- 6,788
- Avg Household Size
- 3.2
- Median HH Income
- $67,512
- Median Home Value
- $177,482
- Median Rent
- $1,436
- % Renter Occupied
- 47.5%
- Affordability
- 25.5% (rent/income)
- Income Distribution
-
<$25k $150k+
3-Mile Radius
- Population
- 141,181
- Households
- 45,535
- Avg Household Size
- 3.17
- Median HH Income
- $70,001
- Median Home Value
- $233,642
- Median Rent
- $1,560
- % Renter Occupied
- 42.1%
- Affordability
- 26.7% (rent/income)
- Income Distribution
-
<$25k $150k+
5-Mile Radius
- Population
- 358,427
- Households
- 127,730
- Avg Household Size
- 2.9
- Median HH Income
- $78,777
- Median Home Value
- $279,627
- Median Rent
- $1,522
- % Renter Occupied
- 46.8%
- Affordability
- 23.2% (rent/income)
- Income Distribution
-
<$25k $150k+
Source: US Census ACS 5-Year Estimates (2023) · 5 tracts (1mi)
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Appraisal History
Appraisal History: Reserve at Shiloh
The property appreciated 37.0% year-over-year to $21.7M in 2025, translating to $204.6K per unit—a premium valuation consistent with 2022 construction. The 4.8% land-to-total ratio ($1.0M) reflects minimal land value, typical for new-build multifamily where improvement costs dominate; this low ratio eliminates meaningful redevelopment optionality. The 37% jump likely reflects stabilization in occupancy or rent growth rather than market repricing, given the recent vintage and lack of prior appraisal data to contextualize the magnitude.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $21,682,850 | +37.0% |
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Google Reviews
Rating collapse signals acute operational breakdown masking underlying asset quality. The 6-month average plummeted from 4.7 to 2.6—a 2.1-point drop driven by four 1-star reviews in the past 60 days citing maintenance neglect (stairs unrepaired for months), unsupervised children, and deterioration from move-in condition. However, this appears tactical rather than structural: recent reviews (Jan–Mar 2025) credit a specific leasing agent (Katrena) with exceptional execution, and earlier 5-star reviews confirm the property launched in strong condition with no pest complaints. The inflection point is managerial. A work-from-home manager gap (explicitly mentioned in Jan 2026 review) created a vacuum that cascaded into deferred maintenance and community standards erosion. The property has asset fundamentals—new construction, no endemic defects—but requires immediate on-site management intervention to arrest reputation damage and stabilize NOI. This is a "fix the operator, not the box" investment thesis rescue scenario.
Rating Distribution
27 reviews total
Rating Trend
Reviews
If you like to live in a clean and peaceful environment Reserve at Shiloh apartments are not for you. Too many kids running arround without supervision all over the complex inside and outside, throwing trash everywhere, messing up the side walks with paint. I live here since June 1st 2025, when I moved in to the complex everything was clean inside and out and the atmosphere was great but after a couple of months everything started declining pretty fast. Tenants above my apartment are very noisy day and night, running, stomping, dropping heavy objects, running a scooter or a bicycle inside the apartment. It's a big frustration, I complained about this situation to the apartments manager many times but nothing has been done, I work every day I have to use ear plugs so I can sleep during the night. Tenants leave big trash bags full of trash outside their apartment door several times, awful smell disgusting, it shouldn't be acceptable, these apartments are going to be infested with roaches and other insects if this situation continues.Tenants drop trash outside the dumpster rodents are going to be here pretty soon, trash is everywhere arround the parking lot, people walk their dogs and don't pick up dog waste, the gates are open 24/7 outsiders drive inside the complex and dump their big trash items such as furniture, mattresses ect. People uses the parking lot to do auto mechanical repairs and leaves oil spills and stains all over the parking lot. The stairs and hallways are dirty and filty. The 1st floor by the office and the elevator are the only areas that they clean because is the face of Reserve at Shiloh and it causes a good impression for visitors and future tenants. I live in the 2nd floor next to the stairs, I always use the stairs to take my dog out for a walk. The stairs are always filty no cleaning at all. Big Pitbulls and other aggressive breeds are here in this apartment complex, I don't feel safe to go out to walk my little chihuahua anymore. I never ever live in an apartment complex like Reserve at Shiloh apartments, if Management don't reinforce the rules these apartments are going to go down pretty quickly. I'm looking to move out as soon as possible. I don't recommend Reserve at Shiloh to anyone.
Owner response · Jan 2026
UPDATE 2/13/26: Hello again Mariana - We are continuing to work on resolving these issues. You are welcome to request contact at customer.care@pivotal-hp.com Hi Mariana - we are sorry you are having this experience. Our Regional Management Team has been alerted to the situation and these concerns. We will work to resolve these concerns and return Reserve At Shiloh back to enjoyable home you moved into. If you need to discuss this further with a member of our Team, please contact us at customer.care@pivotal-hp.com. Thank you
Owner response · Jan 2026
Thanks, Genet!
This apartment complex has been open for almost a year. I love it here. It does have some problems right now because the manager has been working from home but we are in the process of getting a new manager. Mr. Anthony mops the floors and I don’t know anything about what the other review says about him. He is very nice from my experience with him however I think I did have a problem with him with my toilet seat being loose. I changed it out with one that I bought that will not loosen because apparently he didn’t tighten my original toilet seat. The kids here have been very noisy but it doesn’t bother me what irritates me is coming in the door outside and there’s kids all over the floor in front of the door. I am visually impaired and that makes it unsafe with the kids running in the hallway. I’m not planning to leave here because I like it here just a few nuances but I know that it can improve with a new manager and a few changes.
Owner response · Jan 2026
Hi Angela - we appreciate your review and your positivity! Our Team is committed to providing superior affordable housing and excellent customer service. Thank you for continuing to trust us and making Reserve at Shiloh your home!
Its not giving what it supposed to gave in the beginning, 😐 Mr, Anthony very lazy man stairs been like this for months
Owner response · Jan 2026
Thank you for sharing your feedback. We’re sorry to hear about your experience and appreciate you bringing this to our attention. Please feel free to reach out to us at customer.care@pivotal-hp.com if you would like to discuss this further.
If I could give ZERO! stars I would , when I move here it was sooo good spotless, clean , everything was perfect almost like too good to be true , these apartments are very new hasn't even been a year since they been open the residents are very nasty !! They don't clean after the self and don't watch there kids !! MR ANTHONY IS VERY LAZY !!! HE DOES NOTHING , I ask him if he could fill my cracks in because roaches are coming out of no where he said "that's not my job " when you ask him something he always had an attitude!! My sister air hasn't been fixed in 2 months he lied and said he did when he didn't ! He don't know what he's doing ! He sleeping in empty apartments many residents have seen him nobody doing anything about it !! If he can't sleep free we should be able to do the same I'm disappointed very ! These apartments going down hill I'm so shocked I'm leaving asap !! He eats the pantry food from the residents, should of kept mr.micheal he did way more..move her at your own risk
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Data Sources
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