Debt & Ownership Summary:

The property carries $13.4M in debt ($121.9K per unit) against an appraised value of $7.9M—a 170% LTV that signals either significant value deterioration post-acquisition or appraisal timing issues. The Greystone loan originated in July 2017 with a 420-month (35-year) term, placing maturity around July 2052 with no near-term refinancing pressure, though absent rate and DSCR data limits refinancing risk assessment at current market rates. The quit-claim deed in October 2013 and three transactions over 11 years suggest ownership restructuring rather than distress, though the absentee holding company structure and lack of recent property valuations obscure current performance health. Without DSCR or rent roll visibility, the extreme leverage-to-appraised-value ratio warrants underwriting scrutiny on actual NOI and current comparable values.

Eban Village is a 110-unit, 2-story garden-style apartment community built in 1998 with brick exterior and wood-frame construction, totaling 95.2K SF (65.8K SF net leasable). The property is rated in excellent quality with good condition and commands a walk score of 68 in Dallas. Parking type, unit finishes, utilities included in rent, and pet policies are not documented in available records.

Affordability stress in immediate submarket masks broader income weakness. The 1-mile radius shows 25.3% of households earning under $25K and a 24.6% affordability ratio—indicating rent consumes nearly a quarter of median income, typical for workforce housing—yet median household income of $67.6K should comfortably support this property if rents track market. The 3-mile ring (74.2% renter-occupied) provides demand depth, but the sharp income bifurcation—17.6% sub-$25K versus 22.0% earning $150K+—signals gentrification underway rather than stable workforce demand. At 5 miles, median income jumps to $88.5K and renter concentration drops to 60.7%, suggesting this property anchors a lower-income pocket within an ascending-income corridor; the affordability ratio improves to 20.7% outward, reducing pricing power as renters trade up. Without current rent data, exposure to income volatility in the 1-3 mile rings is material.

Appraisal & Value Analysis

Current appraised value of $7.9M translates to $71.8K per unit—modest for a 1998-vintage 110-unit asset, suggesting either below-market rents, deferred maintenance, or a secondary market location. The 7.6% YoY appreciation is healthy, but with only one appraisal in the dataset, we cannot assess longer-term trajectory or identify any distress cycles. Land represents 19.6% of total value ($1.5M), leaving limited upside from redevelopment given the relatively low land-to-total ratio and the property's established multifamily use. Request 5-10 year appraisal history to evaluate whether recent gains reflect market recovery or cherry-picked timing.