1675 W CAMPBELL RD, GARLAND (DALLAS CO), TX, 75044
$46,487,000
2025 Appraised Value
↑ 0.0% from prior year
🏘️ Community includes 2 DCAD parcels (326 total units)
EXECUTIVE SUMMARY
ONE90 Firewheel presents a stable, fully-leveraged suburban hold with limited upside and demand-side headwinds masking supply-side safety. The property's $46.5M valuation ($228.9K/unit) has flatlined year-over-year despite a 2018 vintage and 93.1% improvement-to-value ratio, signaling market maturation in Garland's car-dependent periphery rather than growth trajectory. Tenant income profile skews affluent (48.5% of 1-mile households earning $100K+) with minimal workforce penetration, yet the 13.9x affordability ratio and deteriorating submarket vacancy suggest demand may be ceiling-constrained rather than expanding—a concerning dynamic given near-zero pipeline visibility masks underlying absorption weakness. The capital stack is immaterial (3.2% LTV, $7.4K/unit debt), but critical loan terms including maturity date are missing, preventing refinance risk assessment at a potential inflection point. Watch-list only pending clarification of debt maturity, debt service capacity, and 24-month occupancy/rent trajectory; the absence of supply competition offers tactical stability but does not offset demographic saturation and valuation stagnation signals.
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Location profile misaligned with typical urban multifamily fundamentals. Walk Score of 9 and transit score of 26 indicate a car-dependent suburban location with minimal pedestrian infrastructure—inconsistent with premium urban rents but appropriate for workforce housing. Firewheel, though a mixed-use development, lacks the density-driven amenity clustering that typically supports $1.5M+ rents. This positioning suggests the asset targets cost-conscious tenants prioritizing affordability and parking over walkability, which constrains upside but may support stable occupancy in Dallas's demand-constrained Garland submarket.
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Supply Pipeline: Zero near-term competitive threat. The property operates in a market with 0.0% pipeline relative to existing inventory and zero active construction projects within the competitive set, eliminating supply-side headwinds to occupancy and rate growth over the next 24–36 months. However, the deteriorating submarket vacancy trend suggests demand-side pressure independent of new supply, warranting closer examination of absorption dynamics and tenant demographic shifts before underwriting aggressive rent growth assumptions.
No multifamily construction permits found within 3 miles
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Refinancing Risk & Leverage Concern: The property carries $1.5M in debt against a $46.5M appraised value (3.2% LTV), but the loan maturity date is missing from records—a critical gap that suggests either incomplete data or a non-standard structure that warrants immediate clarification. The debt-per-unit of $7.4K is negligible, indicating either minimal leverage or a distressed capital stack.
Ownership & Transaction Pattern: Enclave Firewheel has held this 203-unit asset for 4.7 years with a single transaction (2021 acquisition), signaling a buy-and-hold operator rather than a flipper; the non-absentee ownership structure and PNC Bank relationship suggest stability, though the $2.3M estimated sale price appears inconsistent with the $46.5M valuation and warrants verification.
DSCR & Seller Motivation: Null DSCR and missing loan terms (rate, term length, monthly payment) prevent debt service assessment; however, low leverage and extended holding period do not indicate distress-driven motivation absent maturity compression data.
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Estimated from loan records, rental listings, and appraisal data using industry-standard assumptions.
Based on most recent loan: $1,500,000 (Jun 2021, attom)
Computed from nearby properties within 3 miles of similar vintage
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ONE90 Firewheel is a 203-unit mid-rise apartment complex built in 2018 across three buildings (1667, 1679, 1683) in Garland with 280.6K SF of gross building area and a 4-story configuration. The asset features brick exterior, wood-frame construction, and Very Good quality rated in Excellent condition. Net leasable area of 195.7K SF implies a 69.7% ratio. Location context is limited by Walk Score of 9, indicating car-dependent area positioning.
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Affordability risk in affluent immediate submarket; property likely positioned at upper-middle market with limited workforce penetration. The 1-mile radius shows $118.7K median household income against a 13.9x affordability ratio, suggesting rents exceed $850/month at market median—pricing out the 15.7% of households earning under $50K. The 55.3% renter concentration in the immediate trade area masks a heavily skewed income profile: 48.5% earn $100K+, signaling renters are either young professionals or empty-nesters, not workforce housing demand. Income compression across the 3-mile (40.0% renters) and 5-mile radii (38.8% renters) indicates this is a densifying suburban core with weakening renter concentration deeper out, typical of Firewheel's Plano location. The 9.3% of 5-mile households under $25K and flat $100K+ share (46.1%) across all radii suggest limited income growth stratification—demand is ceiling-constrained rather than bottoms-up.
Source: US Census ACS 5-Year Estimates (2023) · 2 tracts (1mi)
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Appraisal Data – ONE90 FIREWHEEL
The property's $46.5M valuation ($228.9K/unit) remains flat year-over-year, suggesting market stabilization after likely post-pandemic appreciation cycles. With improvements representing 93.1% of total value against land at 6.9%, the asset is fully capitalized as operating multifamily with minimal land leverage for redevelopment upside. A single 2025 appraisal provides insufficient trend visibility; prior-year comps needed to assess whether flatness reflects genuine market equilibrium or early softening in the Dallas suburban market.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $46,487,000 | +0.0% |
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