ALEXAN MEDICAL DISTRICT APARTMENTS
5940 FOREST PARK RD, DALLAS, TX, 752356415
$23,620,200
2025 Appraised Value
↑ 9.1% from prior year
📍 This parcel is part of the ALEXAN MEDICAL DISTRICT APARTMENTS community — scraped data shown is for the full community.
ALEXAN MEDICAL DISTRICT APARTMENTS – EXECUTIVE SUMMARY
Pass. While the property boasts strong physical condition (96.8% of units upgraded post-2016) and a stable $23.6M appraisal reflecting 9.1% YoY appreciation, a critical debt maturity cliff in November 2028 combined with an 84.7% LTV on a 3.28% fixed-rate loan creates acute refinancing risk within 24–36 months. The sponsor's silence on refi strategy and lack of transaction activity since 2016 suggest forced positioning into a rising-rate environment where refinancing at 6.5%+ would materially stress an already-tight cash flow profile. Demographically, the property serves a lower-income renter base (40.4% earning under $50K within 1 mile) at an affordability compression of 31.7%—a spillover play rather than a primary demand driver—while nearby pipeline delivery (27 units, with one 246-unit competitive risk in inspection phase) adds leasing headwind risk. The Medical District location offers solid transit access and employment anchors, but these fundamentals do not offset the sponsor's likely distress posture and the combination of refinancing cliff, compressed affordability, and emerging competitive supply.
No notes yet
Class B+ asset with strong physical fundamentals and minimal renovation spread risk. 150 of 155 photos rated excellent condition; 96.8% of units show upgraded or premium finishes (124 of 129 quantifiable units), with renovation clustering heavily in 2016–2020 (72 observations). Kitchens standardized on granite/quartz countertops, stainless appliances (mid-to-premium tier), and shaker/raised-panel cabinetry; bathrooms consistent with white/dark finishes and quartz. Resort-caliber amenities (saltwater pool, fitness center, professional landscaping) and contemporary exterior (mid-rise, stone/brick façade, 2010s-era) align with asset's 2012 delivery. Single red flag: 3 observations flag 2023 renovations, suggesting ongoing capex needs, though current condition obviates near-term kitchen/bath replacement risk.
/ ·
AI Analysis
This photo was not identified as property-related.
No AI analysis available for this photo.
No notes yet
Location Profile Misaligned with Transit Access
The property's transit score of 64 (Good Transit) significantly outpaces its walk score of 56 (Somewhat Walkable), indicating dependence on fixed-route transit rather than pedestrian-accessible amenities—a constraint for remote-flexible tenants but acceptable for Medical District workers commuting to nearby hospitals and clinics. The bike score of 43 suggests limited last-mile utility, and without average rent data, we cannot assess whether the property is priced to reflect this car-dependent walkability or positioned as a transit-oriented premium. Given the Medical District submarket's concentrated employment and established medical institution anchors, demand fundamentals likely support the location despite modest pedestrian infrastructure.
No notes yet
Pipeline pressure is moderate but timing is favorable. The 27 units in nearby construction represent 24.6% of the property's 110-unit base—material enough to monitor but not immediately threatening given the fragmented delivery schedule across multiple small projects rather than one concentrated development. Most permits remain in early phases (plan review, payment due, revisions required), suggesting 18–24 month timelines before meaningful competitive supply hits the market. The one exception is the 246-unit project at 2013 Jackson St in inspection phase, which poses the greater competitive risk if it delivers within 12 months; however, without confirmed unit counts for the other projects or submarket-specific lease-up velocity data, the deteriorating vacancy trend suggests demand may absorb incremental supply if rental rates remain competitive.
| Distance | Address | Description | Status | Filed |
|---|---|---|---|---|
| 0.3 mi | 2710 KIMSEY DR | New MFD project for a 3 story 5 unit townhome apartment c... | Plan Review | Jan 22, 2025 |
| 0.3 mi | 2702 KIMSEY DR | THE ASTRID APARTMENTS PROJECT WILL BE A NEW, THREE-STORY ... | In Review | Aug 29, 2025 |
| 0.9 mi | 2030 SHEA RD | 11 Condos New construction | Permit About to Expire | Aug 21, 2023 |
| 0.9 mi | 2033 SHEA RD | New Construction. 5 unit condo building | Inspection Phase | Nov 13, 2024 |
| 0.9 mi | 2204 LOVEDALE AVE | New Construction of 5-unit condo building | Inspection Phase | Feb 18, 2025 |
| 0.9 mi | 2143 SHEA RD | QTEAM MEETING TBD Condo/townhome project with 5 units in ... | Payment Due | Mar 11, 2026 |
| 0.9 mi | 2147 SHEA RD | QTEAM MEETING TBD Condo/townhome project with 5 units in ... | Payment Due | Mar 11, 2026 |
| 1.0 mi | 2243 LOVEDALE AVE | 2243 Lovedale - New construction of a 6 unit townhome | Plan Review | Jul 30, 2025 |
| 1.0 mi | 2247 MAIL AVE | 2247 Mail Ave - New MFD project for a 3 story 5-unit town... | Inspection Phase | Nov 05, 2024 |
| 1.1 mi | 2155 MAIL AVE | Commercial new construction (5) unit multifamily developm... | Inspection Phase | Feb 11, 2025 |
| 1.2 mi | 3700 INWOOD RD | QTEAM MEETING Senior Living community with independent li... | Inspection Phase | May 28, 2025 |
| 1.2 mi | 4739 GRETNA ST | 18 Townhouses in 2 phases. 9 units each phase. PHASE 1 BU... | Inspection Phase | Jan 15, 2025 |
| 1.3 mi | 4501 AFTON ST | Residential use | Inspection Phase | Nov 23, 2021 |
| 1.3 mi | 2514 LUCAS DR | (1131) MULTI-FAMILY DWELLING / 5 UNIT MULTIFAMILY | Inspection Phase | Feb 24, 2025 |
| 1.4 mi | 2811 HONDO AVE | New construction of 12 unit townhome on two lots; 6 units... | Inspection Phase | Jul 16, 2021 |
| 1.4 mi | 2314 ARROYO AVE | he proposed work includes the construction of three-story... | In Review | Sep 16, 2025 |
| 1.4 mi | 2723 HONDO AVE | New construction, multifamily.6 dwelling units. | Inspection Phase | Nov 27, 2024 |
| 1.6 mi | 4330 DICKASON AVE | New construction of multi-family// 4330 Dickason. | Plan Review | Jun 29, 2022 |
| 1.9 mi | 4013 N HALL ST | QTEAM MEETING 7.17.2025 8 unit multifamily new construction | Payment Due | Jun 17, 2025 |
| 1.9 mi | 4011 N HALL ST | QTEAM MEETING 7.22.2025 - 8 unit multifamily new construc... | Payment Due | Jun 17, 2025 |
| 1.9 mi | 4005 N HALL ST | QTEAM MEETING - 7.23.2025 - 8 unit multifamily new constr... | Payment Due | Jun 17, 2025 |
| 2.1 mi | 3900 LEMMON AVE | New construction of MFD project. 406 dwelling units with ... | Revisions Required | Aug 21, 2024 |
| 2.2 mi | 3555 DICKASON AVE | Q-Team Migrated NEW 4 LEVEL ABOVE GRADE GARAGE(1-3.5).LEV... | Payment Due | Mar 24, 2021 |
| 2.3 mi | 2505 TURTLE CREEK BLVD | New construction of 20-story assisted living building wit... | Inspection Phase | Aug 06, 2024 |
| 2.5 mi | 3031 N HARWOOD ST | QTEAM MEETING 9.4.2025 3131 N Harwood For Office and 303... | Revisions Required | Jul 21, 2025 |
| 2.9 mi | 2702 MCKINNEY AVE | 2700 McKinney - 21 Story Mixed Use Tower Including Retail... | Payment Due | Jun 09, 2022 |
| 2.9 mi | 4555 TRAVIS ST | QTEAM PROJECT The project is a mixed use project of appro... | Revisions Required | Aug 26, 2022 |
No notes yet
Debt & Transaction History
Refinancing risk is acute: the $20.0M loan (originated Nov 2016 with 144-month term) matures Nov 2028—less than 4 years out—at a 3.28% fixed rate that is now deeply underwater against current market conditions. At $181.8K per unit, loan-to-value sits at 84.7%, leaving minimal equity cushion for rate shock; refinancing at 6.5%+ would materially stress the asset's debt service. The single transaction since 2016 and absentee corporate ownership (CLPF-5940 Medical District LP) combined with a maturity cliff suggests the sponsor may face forced sale or significant recapitalization within 24–36 months if no refi strategy is already locked.
🏛️ TX Comptroller Entity Data
No notes yet
Financial Estimates
Estimated from loan records, rental listings, and appraisal data using industry-standard assumptions.
Sale & Valuation
- Est. Sale Price ⓘ
- —
- Sale $/Unit
- —
- Value YoY
- +9.1%
- Implied Cap Rate ⓘ
- —
- Est. Cap Rate ⓘ
- —
Operating Income
- Gross Potential Rent ⓘ
- —
- Est. Vacancy ⓘ
- —
- Submarket Vac. ⓘ
- 5.8%
- Eff. Gross Income
- —
- OpEx Ratio ⓘ
- 50%
- Est. NOI
- —
- NOI/Unit
- —
Debt & Taxes
- Taxes/Unit ⓘ
- $5,368/yr
- Est. DSCR ⓘ
- —
Based on most recent loan: $200,000,000 (Nov 2016, attom) @ 3.28%
Submarket Benchmarks
📊Computed from nearby properties within 3 miles of similar vintage
No notes yet
Property Summary
ALEXAN Medical District is a 110-unit, four-story mid-rise completed in 2012 with wood-frame construction and brick exterior. The 97.1K SF asset delivers 90.5K SF of net leasable area, indicating efficient unit conversion at 93.2%. Located in Dallas's Medical District submarket (Walk Score 56), the property maintains excellent physical condition with a 4.1 Google rating. Parking configuration and specific amenity/utility details are not available in this dataset.
Property Details
- Account #
- 002370000D05D0100
- Market
- Dallas County, TX
- Building Class
- APARTMENT (BRICK EXTERIOR)
- Building Style
- Mid-Rise
- Construction
- D-WOOD FRAME
- Quality
- EXCELLENT
- Condition
- EXCELLENT
- Stories
- 4
- Gross Building Area
- 97,071 SF
- Net Leasable Area
- 90,465 SF
- Neighborhood
- UNASSIGNED
- Last Sale
- August 10, 2015
- Business Status
- Operational
- Enriched
- about 2 months ago
Owner Information
- Owner
- CLPF 5940 MEDICAL DISTRICT LP
- Mailing Address
-
%CLARION PARTNERSNEW YORK, NEW YORK 101690005
No notes yet
No notes yet
Demographics
Affordability cliff signals mixed demand profile. The 1-mile submarket exhibits 31.7% affordability ratio against a median income of $58.9K—substantially compressed versus the 3-mile (20.8%) and 5-mile (19.4%) rings. However, the 1-mile radius shows 86.1% renter occupancy with 40.4% of households earning under $50K, indicating genuine workforce housing demand, though this cohort may struggle at market rents. The property sits in an economically bifurcated zone: the immediate Medical District core is lower-income and renter-heavy, while the broader 3- and 5-mile markets skew affluent (29%+ earn $150K+), suggesting the property captures spillover demand from price-sensitive renters priced out of higher-end stock rather than serving as the primary product for the surrounding affluent base.
1-Mile Radius
- Population
- 18,160
- Households
- 9,496
- Avg Household Size
- 1.89
- Median HH Income
- $58,884
- Median Home Value
- $187,796
- Median Rent
- $1,556
- % Renter Occupied
- 86.1%
- Affordability
- 31.7% (rent/income)
- Income Distribution
-
<$25k $150k+
3-Mile Radius
- Population
- 113,476
- Households
- 60,432
- Avg Household Size
- 2.04
- Median HH Income
- $105,010
- Median Home Value
- $488,463
- Median Rent
- $1,818
- % Renter Occupied
- 68.0%
- Affordability
- 20.8% (rent/income)
- Income Distribution
-
<$25k $150k+
5-Mile Radius
- Population
- 325,379
- Households
- 153,679
- Avg Household Size
- 2.21
- Median HH Income
- $107,332
- Median Home Value
- $558,275
- Median Rent
- $1,733
- % Renter Occupied
- 63.5%
- Affordability
- 19.4% (rent/income)
- Income Distribution
-
<$25k $150k+
Source: US Census ACS 5-Year Estimates (2023) · 6 tracts (1mi)
No notes yet
No notes yet
No notes yet
Appraisal History
Appraisal Analysis – ALEXAN MEDICAL DISTRICT APARTMENTS
Current appraised value of $23.6M translates to $214.7K per unit, reflecting strong 9.1% YoY appreciation in a stabilized 2012-vintage asset. Land represents 20.0% of total value ($4.7M), leaving 80.0% in improvements—a typical split for a thirteen-year-old garden-style property with limited redevelopment upside without major renovation. Single-year data point limits trend visibility, but the double-digit growth rate suggests robust market demand or recent capital improvements justifying the valuation lift.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $23,620,200 | +9.1% |
No notes yet
No notes yet
No notes yet