Harmony Luxury Phase 2 comprises four mid-rise buildings (198 units) delivered in 2018 with wood-frame construction and brick exterior, classified as very good quality in excellent condition. At 165.9K SF gross area across four stories, the asset offers 166.1K SF of net leasable space with an average unit size of approximately 840 SF. The property's walk score of 0 indicates car-dependent positioning in Rowlett; specific parking ratios, amenity package, and utility/pet policies are not detailed in available data.

Affluent owner-occupied market with limited rental depth. The 3-mile radius shows median household income of $110.5K against a 22.2% renter concentration—a narrow tenant pool in a heavily owner-dominated submarket where 53.0% of households earn $100K+. The affordability ratio of 20.2x suggests rents are calibrated to upper-income renters, not workforce housing. The 5-mile expansion adds only 1.7 percentage points in renter occupancy, signaling weak rental clustering; demand will depend on converting high-income renters priced out of ownership rather than organic renter population growth.

Appraisal Data – Single Observation Limitation

With only one appraisal on file (2025), trend analysis is impossible; the 0.0% YoY change reflects no prior comparable. Current appraised value sits at $198.9K per unit ($39.4M ÷ 198), with land representing just 2.3% of total value—typical for newer multifamily but leaves minimal redevelopment optionality. The 2018 vintage and luxury positioning suggest the property has stabilized post-delivery, though without historical appraisals we cannot assess whether recent market softening or rate increases have impacted value since completion.