CESERA - SENIOR HOUSING-TDHCA#04460 100%TC
110 N BELTLINE RD, GARLAND (DALLAS CO), TX, 750404104
$31,500,000
2025 Appraised Value
↑ 59.2% from prior year
EXECUTIVE SUMMARY
CESERA presents a valuation disconnect that requires immediate reconciliation: the 59.2% YoY appraisal jump to $31.5M ($154.4K/unit) lacks clear organic support, and management's inability to resolve documented maintenance failures—mold, elevators, security lapses—over 12+ months despite boilerplate responses signals operational distress masked by recent cosmetic upgrades and amenity investment. The property benefits from regional income strength ($86.7K median at 5-mile ring, 40.4% earning $100K+) and zero competing pipeline, but sits in a physically car-dependent submarket (Walk Score 54, Transit Score 31) that undermines senior housing fundamentals; the bifurcated unit portfolio (30% renovated, 70% dated) and documented safety/maintenance liability exposure present material operational risk. The tenant mix shows 30.0% one-star reviews citing systemic failures vs. 46.7% five-star reviews praising staff, indicating goodwill cannot offset structural underperformance. Watch-list only—valuation must be stress-tested against the appraisal jump, maintenance liability exposure requires legal/insurance review, and occupancy trends must clarify whether submarket weakness is temporary or structural before advancing.
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What we do hits HOME.
The Cesera is a senior living community for residents 55 and older with affordable housing through the Low Income Housing Tax Credit Program (LIHTC). One household member must be at least 55 years or older, and all other members at least 40 years or older. Recently upgraded interiors with fully equipped kitchens, washer/dryer connections, built-in desks, high-speed internet, and patios/balconies with courtyard views. Offers 1 and 2 bedroom layouts with up to 987 square feet featuring full appliance packages, central heating and air conditioning, and an elevator. On-site laundry facility, carports and surface lot spaces available.
Interior Finishes: Mixed Vintage—Two-Tier Unit Portfolio
This 204-unit senior housing property exhibits a bifurcated renovation history that explains variance in the data: 10 units underwent comprehensive 2016–2020 upgrades featuring stainless steel appliances, gray slab cabinetry, and subway tile; the remaining portfolio retains 2000s–2015 builder-grade finishes (honey oak raised-panel cabinets, white laminate countertops, basic tile backsplashes, standard white appliances). The estimated $70K–$100K per-unit cost to standardize the lagging 70% of units represents material value-add if the property is currently Class B/C positioned. Bathroom renovations appear more recent across all units (ADA accessibility, subway tile, grab bars), suggesting partial capital plan execution.
Exterior & Amenities: Class B+ Positioning
Three-story brick/masonry garden-style buildings with well-maintained landscaping, contemporary architecture, and resort-style pool/fitness center amenities punch above typical senior housing. Fresh paint (25 observations) and recessed lighting throughout common areas (16 observations) indicate management attention. The portfolio looks better than its 2005 construction year and mixed interior finishes suggest—amenity quality supports Class B rent positioning but unit finishes alone would not command Class A pricing.
Limited Deferred Maintenance Risk
Condition ratings skew positive (22 "excellent," 7 "good" across 31 photos), with carpet present in 13 photos but no staining or wear noted. No red flags on structural or systems condition visible.
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AI Analysis
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Location Profile Misaligned with Senior Housing Positioning
This Garland asset carries weak walkability fundamentals (Walk Score 54, Transit Score 31) that undermine the senior housing thesis—a demographic cohort with elevated sensitivity to pedestrian infrastructure and transit access. The "somewhat walkable" rating indicates car dependency despite proximate amenities, limiting aging-in-place appeal for non-drivers and creating operational friction around service delivery and tenant independence. Without rent data, valuation cannot be stress-tested against comparable senior properties in higher-walkability corridors (Walk Score 65+), though the location's transit constraints likely depress NOI relative to urban or near-urban senior communities with superior last-mile connectivity.
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Pipeline Analysis:
Zero pipeline activity (0.0% of 204-unit inventory) provides meaningful downside protection in a deteriorating vacancy environment. The absence of competing deliveries should support pricing power, though the worsening submarket conditions suggest demand-side headwinds are the primary lease-up risk rather than supply competition. This senior housing asset faces occupancy pressure from market fundamentals, not new competitive units.
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
- +59.2%
- Implied Cap Rate ⓘ
- —
- Est. Cap Rate ⓘ
- —
Operating Income
- Gross Potential Rent ⓘ
- —
- Est. Vacancy ⓘ
- —
- Submarket Vac. ⓘ
- 3.8%
- Eff. Gross Income
- —
- OpEx Ratio ⓘ
- 45%
- 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
CESERA is a 204-unit, garden-style senior housing community built in 2005 on 184.3K SF in Garland, targeting residents 55+ through LIHTC programming. The three-story wood-frame property with brick exterior offers 1- and 2-bedroom units up to 987 SF with renovated interiors, washer/dryer connections, and unit patios; water, sewer, and trash are included in rent. Located in a suburban Dallas market (Walk Score 54) with no specified parking configuration and recent amenity upgrades including high-speed internet access. Pet-friendly policy and "GOOD" condition rating suggest operational stability, though the 3.4 Google rating warrants further due diligence on resident satisfaction.
Property Details
- Account #
- 26457520010010000
- Market
- Dallas County, TX
- Building Class
- APARTMENT (BRICK EXTERIOR)
- Building Style
- Garden
- Construction
- D-WOOD FRAME
- Quality
- GOOD
- Condition
- GOOD
- Stories
- 3
- Gross Building Area
- 184,284 SF
- Net Leasable Area
- 184,284 SF
- Neighborhood
- UNASSIGNED
- Last Sale
- January 20, 2005
- Place ID
- ChIJcWYSr7odTIYRcs1pw80cAdE
- Business Status
- Operational
- Enriched
- about 2 months ago
Owner Information
- Owner
- GARLAND HOUSING FINANCE
- Mailing Address
-
CORPORATIONGARLAND, TEXAS 750461243
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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 current specials
| Unit | Beds | Baths | Sqft | Rent | Status | Listed | Days |
|---|---|---|---|---|---|---|---|
| 2BR | 2 | 987 | $1,519 | Inactive | Mar 22 | — | |
|
Mar $1,519
|
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| 1BR | 1 | 750 | $1,266 | Inactive | Mar 22 | — | |
|
Mar $1,266
|
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Demographics
This senior housing asset operates in a supply-constrained submarket with weak local renter demand but strong regional income support. The 1-mile radius shows only 16.4% renter occupancy despite $79.9K median household income, indicating the immediate trade area is heavily owner-occupied and likely skews older—consistent with senior housing positioning. Demand depth widens at the 3-mile radius (37.1% renters, 44.7K households), where affordability ratios improve to 23.9%, suggesting the property captures residents from a broader geography. The 5-mile ring reveals the strongest income profile ($86.7K median, 40.4% earning $100K+), indicating this TDHCA-backed property benefits from regional affluence even if immediate surroundings are ownership-oriented. The absence of avgmonthlyrent prevents rent-to-income validation, but the upward income gradient moving outward suggests pricing power is supported at the 3–5 mile rings rather than the immediate neighborhood.
1-Mile Radius
- Population
- 14,602
- Households
- 4,999
- Avg Household Size
- 2.93
- Median HH Income
- $79,903
- Median Home Value
- $260,949
- Median Rent
- $1,728
- % Renter Occupied
- 16.4%
- Affordability
- 26.0% (rent/income)
- Income Distribution
-
<$25k $150k+
3-Mile Radius
- Population
- 135,327
- Households
- 44,674
- Avg Household Size
- 3.08
- Median HH Income
- $79,587
- Median Home Value
- $254,128
- Median Rent
- $1,588
- % Renter Occupied
- 37.1%
- Affordability
- 23.9% (rent/income)
- Income Distribution
-
<$25k $150k+
5-Mile Radius
- Population
- 286,651
- Households
- 96,474
- Avg Household Size
- 3.03
- Median HH Income
- $86,653
- Median Home Value
- $282,644
- Median Rent
- $1,613
- % Renter Occupied
- 35.4%
- Affordability
- 22.3% (rent/income)
- Income Distribution
-
<$25k $150k+
Source: US Census ACS 5-Year Estimates (2023) · 3 tracts (1mi)
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Amenities
Pet Policy
Pets allowed (furry pals mentioned)
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Appraisal History
The 59.2% YoY appraisal jump to $31.5M signals either a prior distressed valuation or recent operational/market repricing rather than organic value creation—verify the 2024 comparable and any refinancing/recapitalization activity. At $154.4K per unit, the valuation sits above senior housing comps in most Texas markets, warranted only if occupancy and rate growth justify it. Land represents just 8.4% of total value, leaving minimal redevelopment optionality; this is a stabilized operating asset where upside depends on operational leverage, not physical transformation.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $31,500,000 | +59.2% |
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Google Reviews
Rating trajectory masks operational red flags. While the 6-month average improved to 4.0 from 3.5, this masks a bifurcated resident base: 46.7% give 5 stars (largely praising staff and amenities), but 30.0% rate 1 star, citing systemic failures in maintenance (mold remediation, elevator downtime), security (package theft, pool incident), and lease administration (fee disputes, application handling). Management's reliance on boilerplate responses—flagged explicitly in November—and recurring complaints about the same maintenance issues across 12+ months suggest cosmetic upgrades masking structural underperformance. For a 204-unit senior property, liability exposure from the documented pool incident, mold progression despite prior notification, and security lapses presents material risk that goodwill staff (repeatedly named: Abby, Eric) cannot offset operationally.
Rating Distribution
90 reviews total
Rating Trend
Reviews
Owner response · Mar 2023
Thank you for your five-star rating of The Cesera, Judy! We work hard to provide our residents with top-notch customer service and outstanding amenities. It’s what all of our residents deserve! Thank you for your residency!
No matter what you say, their reply is always the same “striving to do the best”blah blah blah... Hey management, why don’t you answer with your own words and not a form letter??
Owner response · Nov 2025
Randy, we appreciate the feedback and understand your frustration with replies that feel generic. We’d welcome a direct conversation to better understand your concerns; please stop by the office or email us at Cesera@dominiuminc.com.
Owner response · Oct 2025
Evelyn, thank you for the five-star review of The Cesera. We appreciate your support and are here if you need anything.
Please let your residents know to not feed stray cats because I’ve noticed a specific apartment leaving water and food out for it and I was just attacked by it tonight while walking my grandmas dog
Owner response · Aug 2025
Skyy, we appreciate your feedback. The comfort and wellbeing of all our residents and their guests are our top priority at The Cesera. We take your concern seriously and encourage our residents to follow our community guidelines. If you have further concerns or issues, please don't hesitate to contact us at Cesera@dominiuminc.com.
My living experience at Cesera was very good. Management was very cooperative with me. The maintenance process and repair was satisfactory, only because some requests took multiple visits to satisfy the issue but they were persistent. Overall, I really enjoyed my 14 year stay.
Owner response · Aug 2025
Harold, it's wonderful to hear you had a positive experience at The Cesera. We're glad that our team was able to consistently provide you with great service. Your feedback is greatly appreciated.
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Data Sources
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