MUSTANG STATION PHASE II
2501 BILL MOSES PKWY, FARMERS BRANCH, TX
$36,787,030
2025 Appraised Value
↑ 6.0% from prior year
📍 This parcel is part of the MUSTANG STATION community — scraped data shown is for the full community.
EXECUTIVE SUMMARY
Mustang Station Phase II presents a stabilized, well-maintained Class B+ asset with favorable demographic tailwinds but material operational and valuation opacity. The 188-unit 2017-vintage property anchors a high-income suburban renter corridor ($87.4K median HHI in primary ring, 52.5% renter concentration) with zero competitive pipeline, supporting rent growth defensibility; however, a terminated FHA loan masks current debt position and prevents leverage assessment, while missing NOI and current rent data prevent meaningful IRR modeling. Google reviews reveal recent management-driven operational recovery (3.0→3.8 rating YoY) that obscures unresolved systemic issues—false amenity advertising, elevator/common area deterioration—requiring structural capital audit rather than operational trust. Photos confirm comprehensive 2018-era unit renovations with limited near-term value-add upside, positioning returns on tenant demand and NOI expansion rather than repositioning. Recommendation: Watch-list with operational due diligence required. Current pricing ($195.6K/unit, 6.0% YoY appreciation) appears market-fair for Dallas, but absence of debt structure, current financials, and resolved maintenance liabilities creates unquantifiable downside risk unsuitable for acquisition without 60-day operational deep dive and capex reserve validation.
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Takeaway: Mustang Station Phase II is a well-maintained, Class B+ asset built in 2017 with consistent 2018–2020 era renovations across the majority of units, positioning it for stable operations rather than significant value-add. Kitchen finishes are uniform across analyzed units—white or black shaker/slab cabinets paired with light gray or white quartz countertops and mid-range stainless appliances (Samsung/LG tier)—reflecting a standardized renovation approach rather than piecemeal upgrades. Bathrooms similarly show consistent dark vanities with quartz counters and subway tile, with 38 of 49 condition observations rated "excellent." Amenities (resort-style pool, two-tone fitness center, mature landscaping) are appropriate to the asset class but not premium; exterior condition is good across mid-rise podium architecture with updated hardscaping and courtyard design.
Renovation consistency and condition: 22 of 79 photos show 2016–2020 finishes, with an estimated median renovation year of 2018—suggesting a comprehensive refresh rather than a rolling program. The absence of honey oak or builder-grade white appliances, combined with 53 "upgraded" or "premium" finish observations against only 4 "builder-grade," indicates this property exited its initial capital cycle cleanly. No red flags of deferred maintenance; paint condition is "fresh" in 28 observations and "scuffed" in only 6.
Value-add constraints: Limited upside potential if units were already renovated en masse five years ago. Future returns depend on operational execution and market conditions rather than physical repositioning.
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AI Analysis
This photo was not identified as property-related.
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Location Profile Misaligned with Growth Potential
Mustang Station Phase II's moderate walkability (63) and weak transit access (47) position it as car-dependent despite adequate bike infrastructure (65), limiting appeal to transit-oriented renters but aligning with suburban Dallas commuter patterns. The Farmers Branch location lacks the walkable density (restaurants, grocery, fitness within 5-minute walk) that would command premium rents, suggesting this 188-unit property targets value-conscious renters prioritizing parking convenience and highway access over urban amenities. Without rent data, the valuation merit hinges on whether management has priced defensively for the fundamentally suburban positioning or overestimated walkability-driven demand.
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Construction Pipeline:
Zero units in the nearby pipeline (0.0% of the 188-unit inventory) with no active construction projects in the submarket. This absence of competitive supply removes a meaningful headwind to occupancy and rental rate appreciation over the near to medium term. The lack of permitted projects suggests limited new delivery risk through the foreseeable leasing cycle.
No multifamily construction permits found within 3 miles
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Financial Estimates
Estimated from loan records, rental listings, and appraisal data using industry-standard assumptions.
Sale & Valuation
- Est. Sale Price ⓘ
- $32,052,771
- Sale $/Unit
- $170,493
- Value YoY
- +6.0%
- Implied Cap Rate ⓘ
- —
- Est. Cap Rate ⓘ
- —
Operating Income
- Gross Potential Rent ⓘ
- —
- Est. Vacancy ⓘ
- —
- Submarket Vac. ⓘ
- 6.4%
- Eff. Gross Income
- —
- OpEx Ratio ⓘ
- 50%
- Est. NOI
- —
- NOI/Unit
- —
Debt & Taxes
- Taxes/Unit ⓘ
- $4,892/yr
- Est. DSCR ⓘ
- —
Based on most recent loan: $26,603,800 (May 2017, hud_fha) @ 3.75%
Submarket Benchmarks
📊Computed from nearby properties within 3 miles of similar vintage
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Property Summary
Mustang Station Phase II is a 188-unit mid-rise apartment community built in 2017 with brick exterior and reinforced concrete frame construction in Farmers Branch, TX. The 4-story property totals 220.3K SF gross building area (161.1K SF net leasable) and carries an EXCELLENT quality and condition rating, indicating strong finishes and well-maintained systems. Parking type and amenities data are unavailable; walk score of 63 suggests car-dependent suburban positioning typical of the Farmers Branch corridor. No utility or pet policy details are provided in the dataset.
Property Details
- Account #
- 241346500A02R0000
- Market
- Dallas County, TX
- Building Class
- APARTMENT (BRICK EXTERIOR)
- Building Style
- Mid-Rise
- Construction
- B-REINFORCED CONCRETE FRAME
- Quality
- EXCELLENT
- Condition
- EXCELLENT
- Stories
- 4
- Gross Building Area
- 220,298 SF
- Net Leasable Area
- 161,101 SF
- Neighborhood
- UNASSIGNED
- Last Sale
- September 21, 2023
- Place ID
- ChIJH0ES_bknTIYR-0gFMMi8hJk
- Business Status
- Operational
- Enriched
- about 2 months ago
Owner Information
- Owner
- MUSTANG STATION OWNER LLC
- Mailing Address
-
DALLAS, TEXAS 752044064
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Demographics
Demand profile skews affluent renter, with substantial rent support across all rings. The 3-mile radius (primary trade area) shows 52.5% renter concentration and median HHI of $87.4K against a 22.5% affordability ratio—well below the 30% threshold indicating strong pricing power. Income distribution is bimodal, with 42.8% of households earning $100K+, signaling this is not workforce housing but rather a lifestyle/professional renter cohort. The concentric ring data reveals geographic strength: as you move outward to the 5-mile radius, renter % actually increases to 62.1% and median HHI rises to $96.5K, suggesting the property anchors a high-demand suburban renter corridor rather than competing in an owner-heavy periphery. However, missing rent data prevents validation of whether current pricing actually aligns with this $87K median or if there's upside/downside risk.
1-Mile Radius
- Population
- 8,294
- Households
- 2,727
- Avg Household Size
- 3.04
- Median HH Income
- $83,948
- Median Home Value
- $288,354
- Median Rent
- $1,554
- % Renter Occupied
- 36.2%
- Affordability
- 22.2% (rent/income)
- Income Distribution
-
<$25k $150k+
3-Mile Radius
- Population
- 85,765
- Households
- 32,515
- Avg Household Size
- 2.78
- Median HH Income
- $87,392
- Median Home Value
- $322,458
- Median Rent
- $1,639
- % Renter Occupied
- 52.5%
- Affordability
- 22.5% (rent/income)
- Income Distribution
-
<$25k $150k+
5-Mile Radius
- Population
- 270,684
- Households
- 112,068
- Avg Household Size
- 2.55
- Median HH Income
- $96,457
- Median Home Value
- $372,608
- Median Rent
- $1,643
- % Renter Occupied
- 62.1%
- Affordability
- 20.4% (rent/income)
- Income Distribution
-
<$25k $150k+
Source: US Census ACS 5-Year Estimates (2023) · 2 tracts (1mi)
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Appraisal History
Mustang Station Phase II shows steady appreciation at 6.0% YoY to $36.8M, translating to $195.6K per unit—reasonable for a 2017-vintage asset in the Dallas market. The improvement-to-land ratio of 18.9x (land: $1.85M vs improvements: $34.9M) reflects a fully-developed, operationally-mature property with minimal redevelopment optionality. Without historical appraisal data, the single-year growth rate cannot be benchmarked against local multifamily cap rate compression or assessed for anomalies, but the current valuation trajectory appears market-consistent for recent vintage stabilized stock.
| Year | Total Value | Change |
|---|---|---|
| 2025 | $36,787,030 | +6.0% |
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Google Reviews
Rating recovery masks persistent structural issues. The 3.8 overall obscures a deeply bifurcated resident base: 188 five-star reviews (58.4% of total) cluster around a newly empowered maintenance lead (Harry) and manager (Karen), while 71 one-star reviews (22.0%) cite systemic failures—false amenity advertising, elevator/security deterioration, cleanliness standards, and resident behavior management. The 80 basis point YoY improvement (3.0 to 3.8 last six months) reflects management intervention, not asset-level remediation; complaints about building-wide maintenance standards and false amenity disclosures remain unresolved. This property requires operational due diligence focused on whether leasing/management changes are sustainable or masking capital deferred maintenance on common areas, elevators, and security systems.
Rating Distribution
320 reviews total
Rating Trend
Reviews
Owner response · Feb 2026
Hi Gio! Thank you very much for taking the time to rate your experience. We're over the moon to know you've enjoyed your time here. Please let us know if there's anything our dedicated team can do to assist you in the future. Have a lovely day!
Owner response · Feb 2026
Thanks for your five stars, Sergi! We appreciate your support and look forward to answering any questions you may have in the future. Have a nice day!
I love the apartments so much but more than anything my tour with the Manager Karen, she was so attentive and knowledgeable.
Owner response · Feb 2026
Hi there! Thank you for taking the time to share your experience with us. We take great pride in providing the most extraordinary service possible, and it's wonderful to know that our Community Manager, Karen, left such a lasting impression on you during your visit. We hope you will keep our community high in mind as you continue the search for your new home, and we're more than happy to help with any questions you may have in the future. Have a nice day!
Fixed my door issue pretty quick.
Karen is truly the best! She is professional, responsive, and genuinely cares about her residents and her team. From the very beginning, she has gone above and beyond to make sure everything runs smoothly and that everyone feels heard and supported. She handles situations quickly and efficiently, always with a positive attitude and a smile. It’s rare to find a manager who leads with both strength and kindness, but Karen does exactly that. Any community would be lucky to have her!
Owner response · Feb 2026
We're ecstatic to hear you've been so impressed by our community, Gabriela! Thank you for taking the time to rate your experience and share this high praise about our friendly team. It's important to us that you enjoy your time here, so be sure to reach out if you ever need anything at all. Have a terrific day!
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Data Sources
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