CAMDEN GREENVILLE

Camden Greenville trades at a 4.58% implied cap rate versus a 5.23% submarket average, signaling stabilized-to-premium pricing despite 2016 vintage. At $11.7K NOI per unit against a submarket benchmark of $10.6K ($202.1K price per unit ÷ 5.23%), the property commands a 10.4% per-unit yield advantage—likely justified by below-market 5.0% vacancy and a lean 50% opex ratio. The $61.3M appraised value implies an embedded 4.3% cap rate, suggesting underwriting conservatism or recent value appreciation; absent a stated sale price, the 65–75 bp cap rate compression warrants validation against comparable recent transactions in the Greenville submarket.

Camden Greenville Summary

Camden Greenville is a 240-unit, 2016-built mid-rise (4-story) apartment and townhome community in Upper Greenville with wood-frame construction and brick exterior, achieving excellent condition across 325.8K gross building area. The split property—"The Flats" (underground parking) and "The Villas" (attached/carport options)—includes finishes spanning four style options with quartz countertops, penny or subway tile, and light/dark cabinetry; townhomes feature direct-access garages and private yards. Pet-friendly policy with dual gated dog parks and ancillary amenities (resort pool, fitness centers, rooftop lounge, yoga/spin studio, community workspace) support resident retention. Walk score of 59 reflects car-dependent positioning just off Greenville Ave. and East Lovers Lane in a high-barrier-to-entry Dallas submarket.

Camden Greenville is underperforming market rents across all unit types, with 1-beds at $1.9K versus $1.6K submarket and 2-beds at $2.9K versus $2.2K benchmark—a 17–32% gap suggesting either below-market positioning or below-average unit quality/amenities. Vacancy sits at 5.0% (12 of 240 units), indicating moderate absorption pressure, though the absence of stated concessions and current rent of $2.054M (up from recent historical lows) suggests the property is not aggressively discounting. The 1-bedroom mix shows wide dispersion ($1.7K–$2.2K recent leases), pointing to either quality/floor-plan variance or scattered occupancy within that cohort.

Affordability Risk with High-Income Dependency

Camden Greenville's $2,054 rent commands a 19.8% affordability ratio in its immediate 1-mile radius—tight for the median $119.1K household income, though manageable. However, the 1-mile submarket skews heavily affluent (23.5% earning $150K+) while carrying 14.9% sub-$25K earners, signaling mixed-income clustering rather than workforce housing depth. The 3-mile radius ($141.2K median income, 37.6% $150K+) shows the property sits in an affluent pocket that commands premium rents, but this advantage erodes at the 5-mile radius ($115.4K, 18.2% affordability ratio), indicating limited spillover demand from outlying areas.

The 76.5% renter concentration within 1 mile is a demand strength, but that figure drops to 56.1% at 3 miles and 61.3% at 5 miles—suggesting the immediate neighborhood sustains renters while outer rings are owner-preference territory. This narrowing geography makes lease-up velocity and renewal risk dependent on 1-mile demographic stability rather than broad market absorption.

Data Quality Issue: The unit mix and listings arrays are fundamentally misaligned—the mix shows 1 studio against 240 total units, yet listings detail only 12 units across all types. This 95.0% gap makes unit composition analysis impossible. Before proceeding with rental analysis, confirm whether the property operates 240 units (in which case 228 units are unaccounted for) or if the actual stabilized count is ~12 units. The rent progression ($1.2K studio → $1.9K one-bed → $2.9K two-bed) is rational, but without clarity on which universe is correct, any demographic or positioning conclusion would be speculative.

Appraisal Summary: Camden Greenville

The property appreciated 1.1% YoY to $61.3M, translating to $255.4K per unit—modest growth reflecting current market softness in stabilized multifamily. Land represents only 6.4% of total value ($3.9M), with improvements at 93.6%, indicating minimal redevelopment upside; any value creation hinges on operational improvements or rent growth rather than land recapture. Single appraisal data point limits trend analysis, but the 2016 vintage and modest YoY movement suggest a mature, well-stabilized asset in a normalized pricing environment.