4000 SIGMA RD, FARMERS BRANCH, TX, 752448115
$65,469,310
2025 Appraised Value
↑ 2.3% from prior year
Investment Signal: High-Risk Value Trap
Prairie Crossing presents a classic distressed-asset profile masked by favorable debt positioning: a 28.2% unit-price discount ($125.0K vs. $174.2K submarket) and 168 basis-point cap-rate spread should signal acquisition opportunity, but are undermined by deteriorating operations and resident quality signals. Google reviews have declined 16% in six months (3.6 to 3.1 stars) with 31-point polarity between 5-star and 1-star ratings, clustering around maintenance failures (water damage, HVAC responsiveness), administrative errors, and management turnover—operational liabilities that will compound acquisition carrying costs and delay value realization. Demographically, the property operates in bifurcated market tension: the immediate 1-mile submarket is workforce-driven (86.5% renter, 29.6% affordability ratio) with $1.66K rent absorbing ~30% of median household income, while competing for secondary demand from the higher-income 3-mile ring ($95.3K median) where newer Class A stock dominates. Current rent pricing trails comps by 3.0–18.0% across unit types, with aggressive 1.5-month free concessions suggesting demand softness despite zero pipeline supply—a signal of market deterioration rather than supply protection.
Directional Read: Pass. The 83% LTV and 2.3% coupon through 2056 provide financing stability, but operational execution risk (maintenance cost exposure, resident turnover velocity, management capability gaps) and submarket headwinds outweigh the unit-cost discount. This is a motivated-seller asset requiring significant operational capex and management restructuring post-acquisition—acceptable only at deeper discounts or with proven operational partners already embedded.
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The Best of Farmers Branch Awaits
Welcome to Prairie Crossing, your dream community where comfort, leisure, and entertainment are designed with your lifestyle in mind. With a prime location and top-tier amenities, our renovated apartments in Farmers Branch, TX, have everything you need to feel right at home. Find your perfect home at Prairie Crossing, offering spacious one-, two-, and three-bedroom apartments in Farmers Branch, TX with gourmet kitchens, vaulted ceilings, and walk-in closets. Enjoy upgraded amenities like a modern fitness center and a relaxing pool.
Partial renovation with deferred maintenance risks. Prairie Crossing (367 units, 2007) shows inconsistent upgrade penetration: 35 of 97 photos documented upgraded finishes, but 21 captured builder-grade specs, with renovation clustering around 2018–2022. Kitchens feature dark espresso cabinets and granite/quartz counters with black stainless appliances (mid-tier GE/Whirlpool), positioning units as solid Class B, but bathroom photography reveals water damage, staining, and wear on vanities and exterior stucco shows mold/moisture issues—flagging potential hidden capital needs. The resort-style pool and well-maintained common areas offset physical condition concerns, but the 6 "poor" condition observations and 14 scuffed paint notes suggest selective unit-level investment rather than comprehensive repositioning, creating value-add runway if capital deployment is strategic.
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Prairie Crossing's walk score of 68 sits at the upper bound of "somewhat walkable," supporting modest foot traffic to nearby retail but insufficient to drive transit-dependent renter demand—a constraint underscored by the transit score of 35. At $1,660/month, the property commands mid-market pricing that assumes car-dependent residents willing to drive to employment centers and amenities; without proximity data to Dallas employment nodes or granular amenity inventory, we cannot verify whether walkability-to-rent alignment justifies the midpoint positioning. The bike score of 56 suggests limited last-mile utility. Overall, this location profile skews suburban and requires strong unit economics or pricing power from other value drivers to offset below-average accessibility.
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Pipeline Analysis: Minimal Supply Headwinds, But Deteriorating Submarket Fundamentals
Zero units in the development pipeline (0.0% of the 367-unit inventory) eliminates near-term competitive pressure from new supply. However, this favorable supply picture is offset by a deteriorating vacancy trend in the submarket, suggesting demand weakness rather than supply constraint—the lack of new construction may reflect developer caution about market conditions rather than a protected asset. Absent detailed lease expiration and rent roll data, occupancy maintenance will depend on pricing discipline in a softening submarket rather than supply scarcity.
No multifamily construction permits found within 3 miles
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Prairie Crossing is materially undervalued relative to submarket comps, signaling either distressed seller circumstances or significant operational upside. The $125.0K price per unit sits 28.2% below the $174.2K submarket benchmark, while the 7.66% estimated cap rate exceeds the 5.98% submarket rate—a 168 bps spread that's difficult to justify for a 17-year-old Class B asset. The $19.6M gap between appraised value ($65.5M) and estimated sale price ($45.9M) further confirms the discount. NOI per unit of $9.6K appears reasonable against Dallas market rates, but the 50.0% opex ratio and 3.8% vacancy suggest operational leverage exists post-acquisition; a normalized expense profile could narrow the valuation gap and compress cap rates toward market.
Estimated from loan records, rental listings, and appraisal data using industry-standard assumptions.
Based on most recent loan: $38,087,100 (Dec 2020, hud_fha) @ 2.3%
Computed from nearby properties within 3 miles of similar vintage
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Prairie Crossing is a 367-unit, four-story mid-rise built in 2007 with wood-frame construction and brick exterior, located in Farmers Branch with a 68 walk score. The property is in excellent condition with good-quality finishes including granite countertops (select units), vaulted ceilings, gourmet kitchens, and stainless steel/black appliances across a 360.4K SF building. Amenities are resort-oriented (pool, fitness center, dog park, clubroom) rather than transit-focused. Pet-friendly policy includes breed restrictions; no utilities are included in rent, and parking type is unspecified.
No notes yet
Prairie Crossing is pricing below market across all unit types, with 1-beds particularly soft. Current asking rents average $1.66M, trailing market benchmarks by 3.0% for 1-beds ($1.58M comp) and 18.0% for 2-beds ($2.09M comp), suggesting either asset-class positioning or localized demand weakness. The property is actively leasing (14 active listings, 3.8% availability) but relying on aggressive concessions—1.5 months free (6.45 weeks)—to move units; recent lease events show wide rent dispersion ($1.27M–$1.94M for 2-beds) indicating unit-level variance rather than pricing discipline. The 2-bed outperforms 1-bed by $191.60/month, but both are underwriting below market, a concerning signal if submarket fundamentals are strong.
Estimated from listed vacancies vs total units
Min/avg/max asking rents from property website
| Unit | Beds | Baths | Sqft | Rent | Status | Listed | Days |
|---|---|---|---|---|---|---|---|
| 2BR | 2 | 1,165 | $1,940 | Active | Apr 5 | 1 | |
|
Apr $1,940
|
|||||||
| 2BR | 2 | 962 | $1,865 | Active | Apr 6 | 1 | |
|
Apr $1,865
→
Apr $1,865
(↑0.0%)
|
|||||||
| 1BR | 1 | 973 | $1,795 | Active | Apr 6 | 1 | |
|
Apr $1,795
|
|||||||
| 2BR | 2 | 1,086 | $1,760 | Active | Apr 4 | 1 | |
|
Mar $1,760
→
Mar $1,760
→
Apr $1,760
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,086 | $1,720 | Active | Apr 6 | 1 | |
|
Jan $1,720
→
Jan $1,720
→
Feb $1,720
→
Feb $1,720
→
Feb $1,720
→
Feb $1,720
→
Apr $1,720
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,086 | $1,720 | Active | Apr 5 | 1 | |
|
Mar $1,720
→
Mar $1,720
→
Apr $1,720
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,086 | $1,710 | Active | Apr 5 | 1 | |
|
Jan $1,710
→
Feb $1,710
→
Apr $1,710
(↑0.0%)
|
|||||||
| 2BR | 2 | 962 | $1,700 | Active | Apr 5 | 1 | |
|
Apr $1,700
|
|||||||
| 2BR | 2 | 947 | $1,675 | Active | Apr 6 | 1 | |
|
Apr $1,675
|
|||||||
| 1BR | 1 | 901 | $1,650 | Active | Apr 6 | 1 | |
|
Apr $1,650
|
|||||||
| 2BR | 2 | 950 | $1,570 | Active | Oct 2 | 187 | |
|
Oct $1,570
|
|||||||
| 2BR | 2 | 962 | $1,491 | Active | Apr 4 | 1 | |
|
Apr $1,491
|
|||||||
| 1BR | 1 | 822 | $1,377 | Active | Apr 6 | 1 | |
|
Apr $1,377
|
|||||||
| 1BR | 1 | 763 | $1,272 | Active | Apr 5 | 1 | |
|
Mar $1,272
→
Mar $1,272
→
Apr $1,272
(↑0.0%)
|
|||||||
| 2BR | 2 | 893 | $3,672 | Inactive | Sep 11 | 23 | |
|
Sep $3,672
|
|||||||
| 2BR | 2 | 893 | $3,525 | Inactive | Oct 15 | 57 | |
|
Oct $3,525
|
|||||||
| 3BR | 2 | 1,528 | $2,438 | Inactive | Jan 21 | 1 | |
|
Jan $2,438
|
|||||||
| 3BR | 2 | 1,528 | $2,413 | Inactive | Mar 26 | 1 | |
|
Feb $2,413
→
Feb $2,413
→
Feb $2,413
→
Mar $2,413
→
Mar $2,413
(↑0.0%)
|
|||||||
| 3BR | 2 | 1,528 | $2,413 | Inactive | Mar 20 | — | |
|
Mar $2,413
|
|||||||
| 3BR | 2 | 1,528 | $2,353 | Inactive | Feb 13 | 1 | |
|
Jan $2,353
→
Feb $2,353
→
Feb $2,353
→
Feb $2,353
(↑0.0%)
|
|||||||
| 1BR | 1 | 893 | $2,192 | Inactive | Sep 15 | 22 | |
|
Sep $2,192
|
|||||||
| 2BR | 2 | 1,223 | $2,079 | Inactive | Jul 6 | 292 | |
|
Jul $2,079
|
|||||||
| 2BR | 2 | 1,165 | $2,050 | Inactive | Jan 24 | 1 | |
|
Dec $2,050
→
Jan $2,050
→
Jan $2,050
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,165 | $1,990 | Inactive | Feb 16 | 1 | |
|
Jul $2,073
→
Jan $1,990
→
Jan $1,990
→
Feb $1,990
→
Feb $1,990
(↓4.0%)
|
|||||||
| 2BR | 2 | 1,165 | $1,950 | Inactive | Jan 24 | 1 | |
|
Jan $1,950
|
|||||||
| 2BR | 2 | 1,165 | $1,940 | Inactive | Jan 21 | 1 | |
|
Jan $1,940
→
Jan $1,940
→
Jan $1,940
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,165 | $1,940 | Inactive | Mar 20 | — | |
|
Mar $1,940
|
|||||||
| 2BR | 2 | 1,165 | $1,935 | Inactive | Mar 16 | 1 | |
|
Dec $1,935
→
Jan $1,935
→
Jan $1,935
→
Jan $1,935
→
Feb $1,935
→
Feb $1,935
→
Feb $1,935
→
Mar $1,935
→
Mar $1,935
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,165 | $1,910 | Inactive | Feb 17 | 1 | |
|
Jan $1,910
→
Feb $1,910
→
Feb $1,910
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,223 | $1,860 | Inactive | Mar 18 | 1 | |
|
Feb $1,860
→
Feb $1,860
→
Mar $1,860
→
Mar $1,860
→
Mar $1,860
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,223 | $1,860 | Inactive | Feb 17 | 1 | |
|
Feb $1,860
→
Feb $1,860
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,073 | $1,835 | Inactive | Mar 13 | 1 | |
|
Jan $1,811
→
Jan $1,835
→
Feb $1,835
→
Feb $1,835
→
Feb $1,835
→
Mar $1,835
(↑1.3%)
|
|||||||
| 2BR | 2 | 962 | $1,830 | Inactive | Mar 28 | 1 | |
|
Jan $1,830
→
Jan $1,830
→
Feb $1,830
→
Feb $1,830
→
Mar $1,830
→
Mar $1,830
(↑0.0%)
|
|||||||
| 2BR | 2 | 962 | $1,825 | Inactive | Mar 31 | 1 | |
|
Jan $1,825
→
Feb $1,825
→
Feb $1,825
→
Feb $1,825
→
Mar $1,825
→
Mar $1,825
→
Mar $1,825
→
Mar $1,825
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,165 | $1,825 | Inactive | Jan 23 | 1 | |
|
Jan $1,825
|
|||||||
| 2BR | 2 | 962 | $1,815 | Inactive | Feb 17 | 1 | |
|
Dec $1,815
→
Jan $1,815
→
Feb $1,815
→
Feb $1,815
→
Feb $1,815
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,086 | $1,815 | Inactive | Mar 16 | 1 | |
|
Feb $1,815
→
Feb $1,815
→
Mar $1,815
→
Mar $1,815
(↑0.0%)
|
|||||||
| 2BR | 2 | 962 | $1,805 | Inactive | Jan 24 | 1 | |
|
Jan $1,805
|
|||||||
| 1BR | 1 | 973 | $1,767 | Inactive | Dec 21 | 1 | |
|
Dec $1,767
|
|||||||
| 1BR | 1 | 973 | $1,762 | Inactive | Jan 24 | 1 | |
|
Dec $1,762
→
Jan $1,762
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,086 | $1,755 | Inactive | Dec 25 | 1 | |
|
Dec $1,755
|
|||||||
| 2BR | 2 | 1,086 | $1,750 | Inactive | Jan 6 | 1 | |
|
Jan $1,750
|
|||||||
| 2BR | 2 | 1,086 | $1,745 | Inactive | Feb 15 | 1 | |
|
Dec $1,745
→
Dec $1,745
→
Jan $1,745
→
Jan $1,745
→
Feb $1,745
→
Feb $1,745
→
Feb $1,745
(↑0.0%)
|
|||||||
| 1BR | 1 | 973 | $1,730 | Inactive | Mar 28 | 1 | |
|
Jan $1,752
→
Feb $1,730
→
Feb $1,730
→
Feb $1,730
→
Feb $1,730
→
Mar $1,730
→
Mar $1,730
(↓1.3%)
|
|||||||
| 1BR | 1 | 973 | $1,730 | Inactive | Mar 18 | 1 | |
|
Dec $1,752
→
Dec $1,752
→
Jan $1,752
→
Jan $1,752
→
Feb $1,730
→
Feb $1,730
→
Feb $1,730
→
Feb $1,730
→
Mar $1,730
→
Mar $1,730
(↓1.3%)
|
|||||||
| 1BR | 1 | 973 | $1,730 | Inactive | Mar 20 | — | |
|
Mar $1,730
|
|||||||
| 2BR | 2 | 901 | $1,722 | Inactive | Jul 6 | 292 | |
|
Jul $1,722
|
|||||||
| 1BR | 1 | 973 | $1,720 | Inactive | Mar 17 | 1 | |
|
Jan $1,742
→
Jan $1,742
→
Feb $1,720
→
Feb $1,720
→
Feb $1,720
→
Feb $1,720
→
Feb $1,720
→
Mar $1,720
(↓1.3%)
|
|||||||
| 1BR | 1 | 973 | $1,720 | Inactive | Mar 18 | 1 | |
|
Jan $1,720
→
Feb $1,720
→
Feb $1,720
→
Feb $1,720
→
Mar $1,720
→
Mar $1,720
→
Mar $1,720
(↑0.0%)
|
|||||||
| 1BR | 1 | 973 | $1,720 | Inactive | Mar 17 | 1 | |
|
Jan $1,720
→
Feb $1,720
→
Mar $1,720
→
Mar $1,720
→
Mar $1,720
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,086 | $1,710 | Inactive | Jan 24 | 1 | |
|
Jan $1,710
→
Jan $1,710
→
Jan $1,710
(↑0.0%)
|
|||||||
| 2BR | 2 | 962 | $1,710 | Inactive | Dec 21 | 1 | |
|
Dec $1,710
|
|||||||
| 2BR | 2 | 962 | $1,675 | Inactive | Mar 31 | 1 | |
|
Jan $1,675
→
Jan $1,675
→
Feb $1,675
→
Feb $1,675
→
Feb $1,675
→
Mar $1,675
→
Mar $1,675
→
Mar $1,675
→
Mar $1,675
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,086 | $1,675 | Inactive | Jan 21 | 1 | |
|
Dec $1,675
→
Jan $1,675
(↑0.0%)
|
|||||||
| 1BR | 1 | 901 | $1,672 | Inactive | Dec 26 | 1 | |
|
Dec $1,672
→
Dec $1,672
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,086 | $1,670 | Inactive | Mar 28 | 1 | |
|
Feb $1,670
→
Mar $1,670
→
Mar $1,670
→
Mar $1,670
(↑0.0%)
|
|||||||
| 2BR | 2 | 1,086 | $1,670 | Inactive | Feb 17 | 1 | |
|
Jan $1,670
→
Feb $1,670
→
Feb $1,670
→
Feb $1,670
(↑0.0%)
|
|||||||
| 2BR | 2 | 962 | $1,670 | Inactive | Jan 6 | 1 | |
|
Dec $1,670
→
Dec $1,670
→
Jan $1,670
(↑0.0%)
|
|||||||
| 2BR | 2 | 962 | $1,670 | Inactive | Dec 26 | 1 | |
|
Dec $1,670
|
|||||||
| 2BR | 2 | 962 | $1,670 | Inactive | Dec 22 | 1 | |
|
Dec $1,670
→
Dec $1,670
(↑0.0%)
|
|||||||
| 1BR | 1 | 901 | $1,660 | Inactive | Mar 18 | 1 | |
|
Dec $1,682
→
Dec $1,682
→
Jan $1,682
→
Feb $1,660
→
Feb $1,660
→
Feb $1,660
→
Mar $1,660
→
Mar $1,660
→
Mar $1,660
(↓1.3%)
|
|||||||
| 1BR | 1 | 901 | $1,650 | Inactive | Mar 18 | 1 | |
|
Jan $1,650
→
Feb $1,650
→
Feb $1,650
→
Feb $1,650
→
Mar $1,650
→
Mar $1,650
→
Mar $1,650
(↑0.0%)
|
|||||||
| 1BR | 1 | 901 | $1,650 | Inactive | Mar 17 | 1 | |
|
Jan $1,672
→
Feb $1,650
→
Feb $1,650
→
Feb $1,650
→
Feb $1,650
→
Mar $1,650
→
Mar $1,650
(↓1.3%)
|
|||||||
| 1BR | 1 | 901 | $1,650 | Inactive | Mar 18 | 1 | |
|
Dec $1,672
→
Jan $1,672
→
Jan $1,672
→
Jan $1,672
→
Feb $1,650
→
Feb $1,650
→
Feb $1,650
→
Feb $1,650
→
Mar $1,650
→
Mar $1,650
(↓1.3%)
|
|||||||
| 2BR | 2 | 1,086 | $1,645 | Inactive | Mar 29 | 1 | |
|
Feb $1,645
→
Feb $1,645
→
Mar $1,645
→
Mar $1,645
→
Mar $1,645
(↑0.0%)
|
|||||||
| 2BR | 2 | 962 | $1,645 | Inactive | Jan 21 | 1 | |
|
Jan $1,645
|
|||||||
| 2BR | 2 | 1,086 | $1,645 | Inactive | Mar 20 | — | |
|
Mar $1,645
|
|||||||
| 1BR | 1 | 901 | $1,575 | Inactive | Mar 15 | 1 | |
|
Feb $1,575
→
Feb $1,575
→
Mar $1,575
→
Mar $1,575
(↑0.0%)
|
|||||||
| 2BR | 2 | 947 | $1,570 | Inactive | Feb 17 | 1 | |
|
Feb $1,570
→
Feb $1,570
→
Feb $1,570
(↑0.0%)
|
|||||||
| 2BR | 2 | 947 | $1,570 | Inactive | Mar 20 | — | |
|
Mar $1,570
|
|||||||
| 2BR | 2 | 962 | $1,517 | Inactive | Jan 24 | 1 | |
|
Jan $1,517
→
Jan $1,517
(↑0.0%)
|
|||||||
| 2BR | 2 | 962 | $1,491 | Inactive | Mar 20 | — | |
|
Mar $1,491
|
|||||||
| 1BR | 1 | 763 | $1,477 | Inactive | Jan 21 | 1 | |
|
Jan $1,477
|
|||||||
| 1BR | 1 | 822 | $1,452 | Inactive | Mar 18 | 1 | |
|
Jan $1,452
→
Feb $1,452
→
Feb $1,452
→
Feb $1,452
→
Feb $1,452
→
Mar $1,452
→
Mar $1,452
(↑0.0%)
|
|||||||
| 1BR | 1 | 822 | $1,452 | Inactive | Jan 24 | 1 | |
|
Jan $1,452
→
Jan $1,452
→
Jan $1,452
(↑0.0%)
|
|||||||
| 1BR | 1 | 822 | $1,427 | Inactive | Jan 24 | 1 | |
|
Jan $1,427
→
Jan $1,427
(↑0.0%)
|
|||||||
| 1BR | 1 | 822 | $1,417 | Inactive | Mar 31 | 1 | |
|
Jan $1,417
→
Jan $1,417
→
Jan $1,417
→
Feb $1,417
→
Feb $1,417
→
Mar $1,417
→
Mar $1,417
(↑0.0%)
|
|||||||
| 1BR | 1 | 822 | $1,417 | Inactive | Feb 24 | 1 | |
|
Jan $1,417
→
Jan $1,417
→
Jan $1,417
→
Feb $1,417
→
Feb $1,417
→
Feb $1,417
(↑0.0%)
|
|||||||
| 1BR | 1 | 901 | $1,417 | Inactive | Mar 20 | — | |
|
Mar $1,417
|
|||||||
| 1BR | 1 | 822 | $1,392 | Inactive | Feb 28 | 1 | |
|
Dec $1,392
→
Dec $1,392
→
Jan $1,392
→
Jan $1,392
→
Feb $1,392
→
Feb $1,392
→
Feb $1,392
→
Feb $1,392
(↑0.0%)
|
|||||||
| 1BR | 1 | 763 | $1,387 | Inactive | Feb 17 | 1 | |
|
Jan $1,387
→
Feb $1,387
→
Feb $1,387
(↑0.0%)
|
|||||||
| 1BR | 1 | 822 | $1,387 | Inactive | Feb 17 | 1 | |
|
Feb $1,387
→
Feb $1,387
→
Feb $1,387
(↑0.0%)
|
|||||||
| 1BR | 1 | 822 | $1,387 | Inactive | Mar 18 | 1 | |
|
Mar $1,387
|
|||||||
| 1BR | 1 | 822 | $1,377 | Inactive | Feb 15 | 1 | |
|
Jan $1,377
→
Feb $1,377
→
Feb $1,377
(↑0.0%)
|
|||||||
| 1BR | 1 | 822 | $1,377 | Inactive | Mar 30 | 1 | |
|
Mar $1,377
→
Mar $1,377
(↑0.0%)
|
|||||||
| 1BR | 1 | 822 | $1,367 | Inactive | Jan 23 | 1 | |
|
Jan $1,367
→
Jan $1,367
(↑0.0%)
|
|||||||
| 1BR | 1 | 822 | $1,367 | Inactive | Jan 9 | 1 | |
|
Jan $1,367
|
|||||||
| 1BR | 1 | 763 | $1,337 | Inactive | Feb 17 | 1 | |
|
Jan $1,337
→
Feb $1,337
→
Feb $1,337
(↑0.0%)
|
|||||||
| 1BR | 1 | 763 | $1,337 | Inactive | Jan 23 | 1 | |
|
Dec $1,337
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Jan $1,337
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Jan $1,337
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| 1BR | 1 | 763 | $1,322 | Inactive | Feb 15 | 1 | |
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Feb $1,322
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Feb $1,322
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| 1BR | 1 | 763 | $1,312 | Inactive | Mar 17 | 1 | |
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Jan $1,312
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Feb $1,312
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Feb $1,312
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Feb $1,312
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Mar $1,312
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Mar $1,312
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| 1BR | 1 | 763 | $1,302 | Inactive | Jan 24 | 1 | |
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Jan $1,302
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Jan $1,302
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| 1BR | 1 | 763 | $1,297 | Inactive | Jan 21 | 1 | |
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Dec $1,297
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Jan $1,297
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Jan $1,297
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| 1BR | 1 | 763 | $1,297 | Inactive | Apr 3 | 1 | |
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Mar $1,297
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Mar $1,297
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Apr $1,297
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| 1BR | 1 | 763 | $1,297 | Inactive | Mar 30 | 1 | |
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Mar $1,297
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| 1BR | 1 | 822 | $1,287 | Inactive | Feb 17 | 1 | |
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Feb $1,287
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Feb $1,287
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| 1BR | 1 | 763 | $1,272 | Inactive | Feb 19 | 408 | |
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Feb $1,272
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| 1BR | 1 | 763 | $1,272 | Inactive | Mar 20 | — | |
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Mar $1,272
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| AA2 | 1BR | 1 | 822 | — | Inactive | Mar 20 | — |
| AA3 | 1BR | 1 | 884 | — | Inactive | Mar 20 | — |
| BB1L | 2BR | 2 | 1,073 | — | Inactive | Mar 20 | — |
| BBD1 | 2BR | 2 | 1,223 | — | Inactive | Mar 20 | — |
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Prairie Crossing operates in a bifurcated market where the 1-mile core is workforce rental (86.5% renter, 29.6% affordability ratio) while the 3- and 5-mile rings are affluent suburban (54.5–60.4% renters, 19.5–19.9% ratios). The $1.66K average rent is moderately stretched in the immediate submarket—nearly 30% of gross income for the median $74.4K household—but sits comfortably (19.9%) within the broader 3-mile trade area where median income reaches $95.3K. Income distribution in the 1-mile radius skews toward $25K–$75K earners (44.5%), signaling price-sensitive renters; the 3- and 5-mile rings show meaningful concentrations above $100K (40.7–40.7%), indicating a secondary demand driver beyond the core. The 86.5% renter concentration in the 1-mile radius suggests deep, captive demand, but the property's value depends on anchoring to the higher-income 3-mile submarket ($95.3K median) where competing for newer/premium stock is fiercer.
Source: US Census ACS 5-Year Estimates (2023) · 3 tracts (1mi)
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Unit Mix Analysis: Prairie Crossing
The property exhibits severe concentration risk, with 292 of 367 units (79.6%) unaccounted for in the provided data—a critical gap that prevents reliable portfolio assessment. The documented mix skews heavily toward 1BR (34 units, 9.3% of total) and 2BR (38 units, 10.4%), with only 3 units of 3BR+ inventory, suggesting a young-professional demographic thesis. Rent progression of $1,524 (1BR, 864 SF) to $1,715 (2BR, 1,029 SF) represents a 12.5% premium for ~19% additional square footage—pricing appears rational but lacks 3BR+ comps to evaluate family-oriented positioning. The 79.6% data void and lack of market benchmarking make unit mix optimization analysis impossible without complete inventory detail.
Estimated from 75 listed units (20.4% of 367 total)
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Pet-friendly apartments with breed restrictions
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Prairie Crossing's $65.5M valuation reflects modest 2.3% annual appreciation, with improvements representing 87.3% of total value—typical for a 2007-vintage, fully stabilized asset with limited redevelopment upside. At $178.3K per unit, the property is efficiently capitalized with land at just 12.7% of total value, indicating either strong density or limited land speculation opportunity. Single-year data limits trend analysis, but the 2.3% growth aligns with market fundamentals rather than signaling distress or significant basis expansion potential.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $65,469,310 | +2.3% |
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Review trajectory signals management instability masking underlying operational issues. The 0.5-point decline from 3.6 to 3.1 over the past six months, coupled with a stark 31-point gap between 5-star (164) and 1-star (94) ratings, indicates polarized resident experience rather than broad satisfaction. Negative reviews cluster around three failure points: maintenance responsiveness (water damage, mold, HVAC delays requiring 8+ emergency calls), administrative incompetence (bounced refund checks, rent calculation errors), and management turnover—multiple residents explicitly reference successive management changes correlating with quality degradation. The positive recent reviews disproportionately praise individual staff members (Elena, Kendra, Brayden, Hilario) rather than systemic operations, suggesting isolated service recovery cannot offset operational deficiencies. This review profile undermines investment thesis: a 367-unit asset generating 31% 1-star reviews indicates maintenance cost exposure, resident turnover risk, and management capability gaps that exceed typical market friction.
303 reviews total
Where do I even start. From the beginning, this was a mess. After signing, they sent me the “welcome letter” 5–7 times because they kept getting the numbers wrong with rent, parking, and even the concession. There was constant babysitting before I could sign anything. The lease wasn’t finalized until a week before move-in, even though the process started a month and a half earlier. Communication was terrible, and Brayden and Amya repeatedly failed to get the lease details correct.
Move-in was another disaster. Our move-in date was changed just days before, after we had already set up electricity, internet, and movers. The apartment wasn’t ready, having dirty floors, ants and baby spiders in the kitchen, missing blinds, a swinging closet door, swapped den doors, and more. We immediately had to submit an emergency work order for a broken toilet.
The only positive was Ace from maintenance, who went above and beyond fixing multiple issues that should have been handled before move-in. The rest of the staff was disorganized and unhelpful. We were told parts would be ordered, but follow-through was doubtful. At one point, we were even showing late fees because they failed to process our payment.
For how old this property is, they nickel-and-dime residents while delivering poor management and upkeep. The unit was not worth the price, especially with issues like ants in the kitchen. We broke our lease within the first week and that was the only process they handled quickly, though they acted like they were doing us a favor.
If you move here, do it for the surrounding area, not for the apartment or management.
Ace came and fixed a couple of Broken items that we’re submitted through our app and came at a timely manner and took care of everything in a short period of time!
Owner response
Thank you, Mary, for reaching out to us! We are glad to know Ace provided you with prompt and professional customer service. If there is anything else we can do to further assist you, please do not hesitate to contact me directly at kbarnes@murnproperties.com or 972-846-6039. Sincerely, Kendra Barnes, Property Manager
Their refund check bounced! I was interested in renting here but the drug use on the property was extremely evident and I decided to live elsewhere. I had paid $250 during the application process and $200 of that was refundable if you didn't sign the lease. First it took months and lots of calls and e-mails just to get the refund check back. Then the icing on the cake was the check bounced like a rubber ball. Buyer beware.
Owner response
JP, thank you for expressing your concerns. Please accept our apologies for any inconvenience you may have experienced with your refund check. At your convenience, please contact me directly at kbarnes@murnproperties.com or 972-846-6039 so we can look into this further for you, as what you describe is not how we conduct business. I appreciate your time, and look forward to speaking with you soon. Sincerely, Kendra Barnes, Property Manager
Murn management is not good either better than the last it gives corporate greed with all the new changes
let me start off by saying these apartments are weird for them to be so called luxury they bait you in and your apartment looks nothing like the demo we did not see our apartment unit our move in date causing us to spent more for a upgrade w a additional fee we were promised a smart home still nothing after a year ...get our first rent its 1879 next rent was 1975 plus allocated fees we pay 2100 just to add the icing on the cake they make u pay for lockers they make Amazon put it in a locker so you have no choice for your mail and if dont pick it up on there time that another charge..thin walls i can hear my neighbors sexual encounters the people above us runs stampedes in there apartments and they have the nerve to try to chrge 2500 plus to break your lease only thing good is the location the trash shoot is broken you have to sit your trash bags out side your door this makes the ground stained with trash juice and its visible and yea the gate is always broken its just not worth it moving is also a hassle u have to use elevators no entry for trucks so your walking all the way to elevators to get to your apartment with your belongings theres hud inspections from the bank in select units as well these apartments definitely did not live up to our expectations edited review Michelle is awesome and makes the apartments much better and always puts her best foot forward for the residents she's very pleasant and fun to be around prairie crossing keep her here she makes the apartments much better
Update portico is horrible for firing the last staff the new staff sucks and is losing our packages don't care for the residents at all and attitude is all we receive
Owner response
Trenda, we are always grateful to hear directly from you and all of our residents to learn about ways we can enhance the living experience. We have noted your comments and will look into them in further detail at our earliest opportunity. Our team would like the chance to turn your experience around. Please contact me directly at kbarnes@murnproperties.com or 972-846-6039 to discuss your feedback in more detail. We appreciate your time and look forward to speaking with you soon. Sincerely, Kendra Barnes, Property Manager
Would avoid this complex if possible. We lived there for 6 months before having to move due to constant water damage and mold problems. Management changed days before we had moved in, so we tried to be understanding, but it became evident even the new company wasn’t caring. To begin, we were sold a unit that advertised having outdoor storage, which ended up being an HVAC closet that wasn’t useful. We were told it had smart locks and smart thermostat, but walked in to an old AC system and the smart locks had been removed. Weeks after moving in, the mailboxes were tampered with. No info on where to get your mail was sent, we had to go directly ask the leasing office (still sent us to the wrong USPS office). Weeks went by with no updates from management. We had to ask the postmaster directly. Multiple times we let the office know about sever water damage in our bathroom & the wall in front of the AC. Only thing done was sloppy paint over the damage, never actually fixed the water damage. They came by with mold “repair” paint after we complained again, but still never fixed the root issue causing the mold (sloppy paint job at that). We found even more mold in the bedroom closet after we moved. The trash room was always disgusting and full. Maintenance walked into my unit without knocking once. The trash cans sitting in front of the garage entrance are such an eyesore (picture of early in the week. By the end of week, it would be 4 other bins full). Hallways and floors were always dirty. For a place to claim to be Luxury Living, this was the worst complex I’ve ever been to and would steer clear.
Owner response
Maria, feedback from our valued residents is important to us as we learn about ways to enhance the living experience for all who call our community home. Our top priority is to create a comfortable and convenient living experience, so we are sorry to receive your feedback and have noted it for the benefit of future and current residents. If there is anything else you would like to share or if we can be of any further assistance, I invite you to contact me directly at kbarnes@murnproperties.com or 972-846-6039. We appreciate your time and wish you well in your new home. Sincerely, Kendra Barnes, Property Manager
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