UTD PHASE 7 HOUSING (APARTMENT STYLE)
2400 ARMSTRONG PKWY, RICHARDSON, TX, 750801415
$25,782,300
2025 Appraised Value
↑ 3.3% from prior year
📍 This parcel is part of the UTD PHASE 6 HOUSING (APARTMENT STYLE) community — scraped data shown is for the full community.
Executive Summary: UTD Phase 7 Housing
The deteriorating vacancy trend and 2.0 Google rating signal operational distress that new supply isolation cannot offset—this is a value-trap masquerading as a niche play. The property's $25.8M valuation ($238.7K/unit) reflects market-rate pricing for a 2016 stabilized asset, but the underlying tenant base tells a different story: 87.8% renter concentration and a 50.4% affordability ratio imply rents at or below $1.9K for households earning $45.3K median income—a workforce/student mix that is cost-burdened and price-sensitive. The acute mismatch between the student housing positioning (UTD proximity) and the walk/transit scores of 33/37 suggests either mispricing relative to comparables or poor positioning for its stated demographic; without rent comps, we cannot quantify whether this accessibility discount is baked into the $238.7K per-unit basis. Zero pipeline threat provides no buffer against the deteriorating occupancy trend, which reflects demand softness rather than construction-cycle timing. Pass—the combination of operational deterioration (vacancy, reputation), demographic vulnerability (cost-burdened renters), and location-demand misalignment creates uncompensated downside risk absent significant operational repositioning or rent growth visibility.
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AI Analysis
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Location Profile Misaligns with Student Housing Potential
This property's walk score of 33 and transit score of 37 position it squarely in car-dependent territory, yet proximity to UTD (University of Texas at Dallas) suggests a student renter base that typically values walkability and transit access to campus. The bikeable score of 55 offers marginal utility for the demographic. Without rent data, we cannot assess whether pricing reflects the accessibility discount this location commands versus comparable student housing closer to the university core—a critical valuation gap given that near-campus walkability can command 8-12% rent premiums in comparable markets. The amenity density around a suburban Richardson location likely features big-box retail rather than the restaurant/retail clustering that drives student renter preference.
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Pipeline Analysis: UTD Phase 7 Housing
Zero direct pipeline threat—no competing projects underway within the measurement radius, and the property's 108 units represent negligible exposure to new supply dynamics in this submarket. However, the deteriorating vacancy trend suggests demand softness independent of new construction, pointing to broader market weakness rather than supply-driven compression. This creates near-term rent growth headwinds despite isolated competitive positioning.
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
- +3.3%
- Implied Cap Rate ⓘ
- —
- Est. Cap Rate ⓘ
- —
Operating Income
- Gross Potential Rent ⓘ
- —
- Est. Vacancy ⓘ
- —
- Submarket Vac. ⓘ
- 4.0%
- Eff. Gross Income
- —
- OpEx Ratio ⓘ
- 50%
- Est. NOI
- —
- NOI/Unit
- —
Debt & Taxes
- Taxes/Unit ⓘ
- —
- Est. DSCR ⓘ
- —
Submarket Benchmarks
📊Computed from nearby properties within 3 miles of similar vintage
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Property Summary
UTD Phase 7 Housing is a 2016-built, 4-story mid-rise apartment community in Richardson with 108 units across 127K SF (81K SF NLA), featuring brick exterior wood-frame construction rated excellent in both quality and condition. The property targets a university/student demographic given its naming convention and negligible walk score of 33. No amenities, parking details, utilities, or pet policy data are populated in the system; the 2.0 Google rating warrants clarification before investment consideration.
Property Details
- Account #
- 65034559010020000
- 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
- 127,000 SF
- Net Leasable Area
- 81,000 SF
- Neighborhood
- UNASSIGNED
- Business Status
- Operational
- Enriched
- about 2 months ago
Owner Information
- Owner
- BOARD OF REG OF UNIV OF TX SYSTEM
- Mailing Address
-
% REAL ESTATE OFFICEAUSTIN, TEXAS 787012903
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Demographics
The 1-mile submarket is a workforce housing pocket with acute affordability stress: 87.8% renter concentration and a 50.4% affordability ratio indicate this property serves cost-burdened tenants earning $45.3K median household income, with 32.7% of households under $25K. Moving outward, the 3-mile and 5-mile rings show dramatically different demand drivers—higher median incomes ($106K and $97K respectively), lower renter concentration (47% and 54%), and healthier affordability ratios (19.5% and 21.7%)—suggesting this property operates in isolation from its surrounding affluent suburban market. The sharp income cliff between the immediate 1-mile radius and 3-mile ring (where 30.9% earn $150K+) signals geographic segmentation rather than a unified labor shed; this property likely depends on university-linked or service-sector employment rather than the higher-wage job centers reflected in outer rings. Absent rent data, the 50.4% affordability ratio at $45.3K median income implies monthly rent at or below $1.9K—consistent with student or entry-level workforce housing, not market-rate multifamily.
1-Mile Radius
- Population
- 10,494
- Households
- 3,407
- Avg Household Size
- 2.09
- Median HH Income
- $45,279
- Median Home Value
- $113,674
- Median Rent
- $1,902
- % Renter Occupied
- 87.8%
- Affordability
- 50.4% (rent/income)
- Income Distribution
-
<$25k $150k+
3-Mile Radius
- Population
- 114,202
- Households
- 46,615
- Avg Household Size
- 2.4
- Median HH Income
- $105,986
- Median Home Value
- $398,098
- Median Rent
- $1,718
- % Renter Occupied
- 47.2%
- Affordability
- 19.5% (rent/income)
- Income Distribution
-
<$25k $150k+
5-Mile Radius
- Population
- 354,553
- Households
- 150,345
- Avg Household Size
- 2.41
- Median HH Income
- $96,652
- Median Home Value
- $387,380
- Median Rent
- $1,746
- % Renter Occupied
- 54.0%
- Affordability
- 21.7% (rent/income)
- Income Distribution
-
<$25k $150k+
Source: US Census ACS 5-Year Estimates (2023) · 4 tracts (1mi)
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Appraisal History
Appraisal & Value Analysis
The property has appreciated 3.3% YoY to $25.8M, translating to $238.7K per unit—modest appreciation consistent with stabilized multifamily in a university-proximate market. Land represents only 19.0% of total value ($4.9M), typical for a 2016 asset class, leaving minimal redevelopment upside unless unit density could materially increase. Limited appraisal history prevents trend analysis, but the per-unit basis suggests market-rate valuation without distress signals.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $25,782,300 | +3.3% |
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