LINCOLN WATERS EDGE
1701 ROYAL LN, FARMERS BRANCH, TX, 752293101
$64,939,000
2025 Appraised Value
↑ 10.2% from prior year
📍 This parcel is part of the CORTLAND WATERS EDGE PHASE II community — scraped data shown is for the full community.
EXECUTIVE SUMMARY: LINCOLN WATERS EDGE
Lincoln Waters Edge presents a stabilized Class B+ suburban asset trading at $231.0K/unit with 10.2% YoY appraisal growth, but fundamental demand signals suggest plateau risk. The property benefits from selective 2015–2020 renovations (28 of 39 units upgraded to stainless/quartz finishes) and above-market amenities (zero-entry pool, modern fitness center), anchoring Class B+ positioning in an affluent but narrowing tenant pool—37.0% of 1-mile renters earn $150K+, but the 19.5% affordability ratio ($5.7K+ monthly HHI threshold) constrains addressable market. Submarket fundamentals weaken the investment thesis: the 3- and 5-mile rings show material income compression and renter-ownership shift, while the walk/transit scores (12/27) lock the asset into car-dependent suburban demand with no premium-rent uplift typical of mixed-use or urban-adjacent products. Negligible new supply (0.36% pipeline) masks underlying demand headwinds; near-term rental growth is more likely constrained by tenant roll-over softening than competitive displacement. Recommendation: Watch-list. This is a defensible hold or late-cycle stabilized play at current valuation, but limited value-add levers and demographic tail-wind weakness relative to Dallas urban core assets make it a secondary acquisition target unless pricing compression opens 6%+ unlevered yield arbitrage.
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Lincoln Waters Edge positions as a Class B+ asset with strong renovation execution across 2015–2020, but inconsistent finishes signal selective rather than comprehensive unit upgrades. The 281-unit, 2013-built property shows 28 of 39 photos rated "upgraded" finishes, with stainless steel appliances, quartz/granite countertops, and subway tile backsplashes standard in analyzed units—typical mid-range builder-grade stainless (GE/LG/Samsung tier), not premium brands. However, flooring splits evenly between hardwood and vinyl plank, and cabinet color ranges from honey/amber stain to modern dark espresso/black, suggesting either mixed renovation phases or inconsistent unit upgrades across the portfolio. Amenities punch above typical Class B (resort-style pool with zero-entry/spa, modern fitness center with equipment depth, gaming clubhouse), but lack of exterior photography and surface parking noted limits full class positioning. Value-add opportunity exists in the 10+ unrenovated or dated-finish units, though the property's strong amenity package and 2013 base vintage with mid-cycle upgrades support stabilized returns over heavy repositioning plays.
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AI Analysis
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Location Profile Misaligned with Suburban Asset Class
Lincoln Waters Edge's walk score of 12 and transit score of 27 confirm a car-dependent suburban location typical of Farmers Branch, with bike infrastructure (48) offering minimal differentiation for tenant recruitment. The "Some Transit" designation limits appeal to transit-dependent renters and constrains NOI upside from premium rents that mixed-use or urban-adjacent properties command. Without documented average rent data, underwriting should stress-test against comparable car-dependent multifamily yields in the Dallas market to validate return assumptions; suburban locations at parity rent to walkable properties signal either unit-level amenity weakness or market oversupply. Proximity to employment centers (LBJ Corridor, Dallas North Tollway access) likely drives this asset's appeal to auto-reliant workforce residents rather than amenity-seeking urban professionals.
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The 1-unit pipeline represents negligible supply pressure at 0.36% of the property's 281-unit base, but deteriorating submarket vacancy trends suggest demand weakness rather than new supply constraints. The single nearby permitted project (2250 Connector Dr, currently in inspection phase as of January 2024) appears too small to pose direct competition. Monitor submarket fundamentals closely—rental growth headwinds are more likely driven by existing tenant roll-over dynamics and softening demand than by new construction displacement.
| Distance | Address | Description | Status | Filed |
|---|---|---|---|---|
| 2.9 mi | 2250 CONNECTOR DR | 2250 Connector Drive. A project with 11 apartment buildin... | Inspection Phase | Jan 29, 2024 |
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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
- +10.2%
- Implied Cap Rate ⓘ
- —
- Est. Cap Rate ⓘ
- —
Operating Income
- Gross Potential Rent ⓘ
- —
- Est. Vacancy ⓘ
- —
- Submarket Vac. ⓘ
- 5.8%
- Eff. Gross Income
- —
- OpEx Ratio ⓘ
- 45%
- Est. NOI
- —
- NOI/Unit
- —
Debt & Taxes
- Taxes/Unit ⓘ
- $5,777/yr
- Est. DSCR ⓘ
- —
Submarket Benchmarks
📊Computed from nearby properties within 3 miles of similar vintage
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Property Summary
Lincoln Waters Edge is a 281-unit garden-style apartment community built in 2013 with excellent condition and finish quality across 427.7K gross square feet on a 2-story wood-frame structure. Located in Farmers Branch with a walk score of 12, the property sits in an auto-dependent suburban area. The 4.1 Google rating indicates baseline resident satisfaction, though parking type and specific amenity details are not documented in available records.
Property Details
- Account #
- 24407510010010000
- Market
- Dallas County, TX
- Building Class
- APARTMENT (BRICK EXTERIOR)
- Building Style
- Garden
- Construction
- D-WOOD FRAME
- Quality
- EXCELLENT
- Condition
- EXCELLENT
- Stories
- 2
- Gross Building Area
- 427,744 SF
- Net Leasable Area
- 267,550 SF
- Neighborhood
- UNASSIGNED
- Last Sale
- July 16, 2018
- Business Status
- Operational
- Enriched
- about 2 months ago
Owner Information
- Owner
- ROYAL TX PARTNERS LLC
- Mailing Address
-
%CORTLAND PARTNERSATLANTA, GEORGIA 303262818
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Demographics
Affluent urban-core submarket with strong rental demand but limited workforce housing depth. The 1-mile radius skews heavily toward high earners—37.0% earn $150K+—with a $110.9K median household income and 71.9% renter concentration, indicating a premium renter base rather than cost-constrained demand. However, the affordability ratio of 19.5% at the 1-mile level is tight; at typical market rents this implies $5.7K+ monthly household income thresholds, narrowing the addressable tenant pool. The 3-mile ring shows meaningful market expansion ($94.5K median income, 73.7% renters) but income distribution flattens materially—the $150K+ cohort drops to 24.2%—signaling a transition from affluent core to mixed middle-market. By the 5-mile radius, income distribution compresses further and renter concentration falls to 62.6%, suggesting suburban competition and ownership preference at scale, limiting upside absorption for this product.
1-Mile Radius
- Population
- 4,190
- Households
- 1,928
- Avg Household Size
- 2.17
- Median HH Income
- $110,857
- Median Home Value
- $541,400
- Median Rent
- $1,801
- % Renter Occupied
- 71.9%
- Affordability
- 19.5% (rent/income)
- Income Distribution
-
<$25k $150k+
3-Mile Radius
- Population
- 71,070
- Households
- 31,165
- Avg Household Size
- 2.43
- Median HH Income
- $94,468
- Median Home Value
- $392,357
- Median Rent
- $1,618
- % Renter Occupied
- 73.7%
- Affordability
- 20.6% (rent/income)
- Income Distribution
-
<$25k $150k+
5-Mile Radius
- Population
- 265,666
- Households
- 101,881
- Avg Household Size
- 2.72
- Median HH Income
- $93,288
- Median Home Value
- $344,024
- Median Rent
- $1,596
- % Renter Occupied
- 62.6%
- Affordability
- 20.5% (rent/income)
- Income Distribution
-
<$25k $150k+
Source: US Census ACS 5-Year Estimates (2023) · 1 tracts (1mi)
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Appraisal History
Appraisal Interpretation: Lincoln Waters Edge
The property appraised at $64.9M in 2025 with 10.2% YoY appreciation, translating to $231.0K per unit—a strong valuation in the current market. The improvement-to-land ratio (86.7% to 13.3%) reflects a recently built (2013) garden-style or mid-rise asset with limited redevelopment upside; meaningful value creation requires operational or market-driven rent growth rather than land play. Single-year data limits trend analysis, but the double-digit appreciation suggests either recent stabilization, market rate recovery in the submarket, or recent capital deployment.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $64,939,000 | +10.2% |
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