Everleigh Forestwood is priced 21% below market cap rate (4.04% implied vs. 5.13% submarket), indicating significant overvaluation or a stabilized asset commanding a liquidity premium. NOI per unit of $12.4K sits in Dallas Class A range, supported by a healthy 45% opex ratio and minimal 0.5% vacancy. The $58.75M appraised value anchors a $307.6K implied price per unit—49% above submarket comparables ($171.5K)—suggesting either recent value-add execution, superior operational metrics, or appraisal inflation. This spread signals a re-trade risk if market cap rates normalize to 5%+ or if near-term NOI growth disappoints.

Everleigh Forestwood is a 191-unit, three-story garden-style apartment community built in 2018 with wood-frame construction and brick exterior, delivering 196.4K SF of net leasable space across 212.4K SF gross. The property carries excellent condition and quality ratings with amenities including a pool, miniature golf, and clubhouse facilities; parking type is unspecified. Located in Dallas with a Walk Score of 56 and 3.8 Google rating, the community is positioned as a 55+ age-restricted property and is pet-friendly with no utilities specified as included in rent.

Rent positioning is materially above market: Everleigh Forestwood's 1BR asking rent of $1,893 sits 22.5% above the submarket 1BR benchmark of $1,545, suggesting either premium positioning (amenities, location) or potential headwind to lease-up given the submarket is contracting at -7.7% YoY. With only one active listing and zero available units across recent snapshots, the property appears fully leased, but the lack of rental data depth in the historical snapshots prevents assessment of whether this rent premium is sticky or whether concessions are masking weakness. The June 2024 lease event at identical $1,893 rent provides limited trend visibility; absent month-over-month or quarter-over-quarter comparisons, we cannot determine if asking rents have held firm or if the market's -7.7% decline has pressured this asset's renewal economics.

Affordability Risk in Affluent Urban Core; Demand Depth in Suburban Ring

The 1-mile radius reveals a critical mismatch: $1.893K monthly rent against a 9.0x affordability ratio in a neighborhood where 46.9% of households earn $150K+—this property is priced for the top income quartile, not broad-market renters. Conversely, the 3-mile radius (52.8% renter-occupied) and 5-mile radius (57.3% renter-occupied, $105.1K median income) show substantially deeper renter demand at more accessible income levels, suggesting the property's actual competitive set extends well beyond its immediate surroundings. The 16.5x and 18.5x affordability ratios at 3- and 5-mile radiuses indicate the rent is stretched for workforce housing but remains serviceable for the 46.9%+31.4%=78.3% earning $100K+ in the wider market, signaling lease-up risk if tenant acquisition relies on the immediate 1-mile submarket but operational stability if it captures the broader suburban renter pool.

Red flag on data integrity and unit mix strategy. The unit mix shows only 15 units across 1BR and 2BR (7.9% of 191 total), with threebrplus and studio at zero—a structural impossibility for a 191-unit stabilized asset. The single listing record (1BR at $1.9K/729 SF = $2.60/SF) doesn't reconcile with the stated unit counts. Either the underlying database is incomplete, or this property operates an unconventional structure (corporate housing, extended-stay) that needs immediate clarification before any investment decision.

Appraisal History – Everleigh Forestwood

The property's $58.8M valuation represents a sharp 11.1% year-over-year appreciation, signaling strong market momentum for this 2018 vintage asset. At $307.6K per unit, the valuation sits within normalized Class A multifamily range for the Dallas market. The improvement-to-land ratio of 87.4% to 12.6% reflects a fully-stabilized, modern product with minimal land arbitrage; redevelopment is not a value driver here. Single-year data limits trend analysis, but the double-digit appreciation suggests either cap rate compression, rate/demand recovery, or both—typical of institutional-grade Dallas multifamily in the current cycle.

Everleigh Forestwood exhibits a stark bifurcation between recent performance and historical liabilities. The 3.8 overall rating masks a dramatic trajectory: 14 one-star reviews clustered in 2023–early 2024 centered on a specific resident safety crisis (armed resident threatening neighbors), while the last 12 months show exclusively five-star reviews with positive commentary on maintenance responsiveness and management professionalism. The 2023–2024 one-star cohort also flagged inadequate maintenance staffing relative to the 191-unit count, but recent reviews credit "Jr." and the broader maintenance team for prompt work order completion—suggesting either genuine operational improvement or resident sentiment reset post-crisis resolution. This property warrants diligence into resident screening protocols and whether the 2023 security failure has been structurally remediated; the management quality signal is mixed but trending positive, contingent on confirming the problematic resident has been removed and staffing levels restored.