SAVOYE AT VITRUVIAN PARK II

The $39.2M loan originated at acquisition in June 2013 represents 64.9% LTV against the current $60.3M sale price estimate—reasonable leverage, but the maturity date is absent from the record, creating refinancing timeline opacity at a property that's now 14 years stabilized. The ownership chain shows a quit claim deed from DCO Greenhaven LP in 2010 (construction phase), followed by a Deed of Trust finance event in 2012, then a special warranty deed transfer to the current absentee ownership structure (Savoye 2 LLC / BLVP 2 LLC) in 2013—no distress signals, but the three transactions in 13 years and opaque debt terms suggest either dormant hold-to-maturity capital or incomplete underwriting data. Without DSCR, rate, term, or maturity visibility, refinancing risk and motivations cannot be assessed; request complete loan documentation to evaluate current rate exposure and call-date proximity.

SAVOYE AT VITRUVIAN PARK II is a 347-unit, 9-story Class B high-rise built in 2010 with reinforced concrete frame construction and brick exterior, totaling 83.1K SF gross building area. Rated excellent in both quality and condition, the property commands strong fundamentals despite a modest walk score of 46 in Addison, a suburban Dallas submarket. Parking configuration and pet policy data are unavailable; utility inclusion in rents is not specified.

Strong affordability and deep renter concentration in urban core, but weakening income profile at property boundary signals reliance on localized demand. The 1-mile radius shows 66.9% renter occupancy with a 20.9% affordability ratio—both indicators of robust multifamily absorption potential—but median household income of $86.2K is 12.2% below the 5-mile ring ($98.1K), suggesting the property captures a workforce-to-upper-middle-class mix rather than affluent renters. Income distribution skews toward $100K+ earners (40.4% at 1-mile, 41.6% at 5-mile), indicating operational stability from higher-income cohorts, though the 1-mile affordability ratio (20.9%) leaves limited margin if rents are currently unaffordable; the 5-mile ratio (19.4%) hints at better rent-to-income alignment as geography expands. Population density drops sharply beyond 3 miles (59K to 134K households), signaling this is an urban-core infill play dependent on neighborhood-level renter demand rather than suburban ring overflow.

Data Quality Issue: The unit mix data is incomplete and unreliable. Only 1 one-bedroom is reported across 347 units, which is implausible and suggests a data capture or reporting error. Without accurate unit type distribution and corresponding rent schedules, we cannot assess concentration risk, pricing power by unit type, or demographic fit. Recommend requesting corrected property documentation (lease roll, floor plan summary) before proceeding with underwriting.

Appraisal History Interpretation

Current appraised value of $81.5M reflects a 5.2% YoY appreciation, translating to $235.0K per unit—reasonable for a 2010-built class A asset in the Vitruvian Park submarket. The improvement-to-land ratio of 96.1% to 3.9% signals minimal redevelopment upside; the property is locked into its current use with negligible land value cushion. Single appraisal data limits trend analysis, but the modest YoY gain suggests stable market conditions without either distress signals or outsized appreciation pressure.