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2934 W Pioneer Dr, Irving, TX 75061
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Investment Sales Advisors:
Southwest Region
2425 E. Camelback Road Suite 960 Phoenix, AZ 85016
Ric Holway
Senior Managing Director 602.828.0074 ric.holway@berkadia.com AZ License #SA045121000
Andrew Curtis
Managing Director 602.571.4190 andrew.curtis@berkadia.com AZ License #SA676613000
Dan Cheyne
Managing Director 602.327.4447 dan.cheyne@berkadia.com AZ License #SA578551000
Mark Forrester
Senior Managing Director 602.526.4800 mark.forrester@berkadia.com AZ License #BR006620000
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
6301 MEADOWVISTA DRIVE | CORPUS CHRISTI, TX 78414
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Rent to Own
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Renting is often more affordable than owning a home in Irving. The cost of purchasing a home in this area can be quite high, with substantial down payments and mortgage payments. On the other hand, renting typically requires a smaller upfront investment, usually limited to a security deposit and first month of rent. Moreover, renting allows individuals to allocate their funds towards other financial goals or investments, providing more flexibility and potentially higher returns. Overall, renting can be a more affordable option for those looking to live in Irving without the financial commitment of homeownership.
Former Texas Stadium Site Development
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The City of Irving is plans to redevelopment the 400-acre site at the northeast corner of State Highway 183 and Loop 12. Currently utilized as industrial space, the site was once improved with Texas Stadium, the former home of the Dallas Cowboys. The City intends to develop the site into eight sections for development, and those developments will include “corporate headquarters, an international business district, retail, and services, with a mix of residential buildings in a walkable urban environment, accessible to the region and the globe,” according to the City of Irving’s website. Further, the development will be supported by the reconstruction of the ”Diamond Interchange.” Upon completion of the project, Loop 12, Spur 482, and State Highway 114 and 183 interchanges will be expanded, and a nearby Dallas Area Rapid Transit Light Rail Transit Station (DART) will be utilized in creating a mixed-use transit-oriented development. According to the Texas Department of Transportation, the project is already 81% complete.
Abundant Lifestyle Amenities
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Within a fifteen-minute radius of the property are Irving Mall, Heritage Crossing District, Irving Arts Center and Toyota Music Factory, among many other retail centers and restaurant offerings.
The subject property is located adjacent to the Wyche Park, which is owned and maintained by the City of Irving. The public park includes 6 picnic tables, a basketball court, sandlot soccer fields, a tennis court, two small pavilions and illuminated half-mile paved trail.
Located less than two miles to the northwest, Irving Mall is an enclosed regional shopping mall built in 1971, with over 90 retailers and specialty shops. The mall totals 1.1 million square feet, and is anchored by Dillard’s, Macy’s, Burlington Coat Factory and Shoppers World.
The City of Irving has initiated a downtown revitalization project to redesign a 1-mile section of Irving Boulevard that runs through the city’s historic Heritage Crossing District located approximately 2.5 miles to the southeast. Plans include reducing three vehicle lanes to two lanes along Irving Boulevard from Sowers Road to Strickland Plaza. The remaining right of way would be used for parallel parking, wider sidewalks, a bike lane and streetscape amenities.
The Irving Arts Center is an approximate 10-minute drive to the northeast of the subject, which totals approximately 10 acres. The performing and visual arts spaces is comprised of over 91,500 square feet and includes a 3,800 square foot Main Gallery, which hots over 20 exhibits each year.
Toyota Music Factory is located approximately four miles northeast of Park Manor that totals 20 restaurants and entertainment venues. The development includes Alamo Drafthouse Cinema and the flexible Pavilion at Toyota Music Factory, which is a unique open-air pavilion accommodating up to 8,000 people.
Major Employment Centers
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The subject is well-located between several major employment centers within a fifteen-minute drive from the property.
Park Manor is a short 7-minute commute to Baylor Scott & White Medical Center, which provides a wide range of health care services. Further, the property is a 10-15 minute commute to the Dallas Medical District, the highest concentration of Medical employment in DFW. Two new hospitals are currently underway in this district totaling an additional $3 Billion in development.
Opening in 1974, Dallas/Fort Worth International Airport is an approximate 10-minute drive northwest from Park Manor. This major employment center covers 26.9 square miles (17,183 acres) and serves as a major economic generator and producing over $37 billion in economic impact each year, including 634,000 direct and indirect jobs.
Hub for Southwest Airlines, Dallas Love Field is located within eight miles northeast of the property and is the 31st-busiest airport in the United Staes serving 15.7 million passenger in 2022. Love Field operates more than 600 flights per day, and contributes over 12,500 direct and indirect jobs to the surrounding community.
Las Colinas includes 125,000 corporate jobs and is North Texas’ largest office park. Wells Fargo recently broke ground on a regional campus in Las Colinas. Upon its completion scheduled in 2025, the campus will feature an 850,000 square feet, house approximately 3,000 employees and create 650 new jobs.
Value Add and Revenue Enhancement Opportunities
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Park Manor reflects a well-maintained value add opportunity, with a proven track record of stable operations and above-average occupancy performance. Ownership can capitalize on the current above-average condition by continuing the renovation program and upgrade the current 63 “classic” units. Additionally, next-level interior unit renovations are possible for 40 units that have already been updated units (including solid-surface counters, stainless steel appliances, adding washer dryers, etc.) to further reposition the property.
Interior unit upgrades currently include:
Gray luxury vinyl plank flooring
New black appliances
Subway tile backsplash
Brushed nickel door and cabinet hardware
Updated plumbing and lighting fixtures
Framed bathroom mirror
Resurfaced combination shower/tub with new ceramic tile surrounds
New bathroom vanity
Further, ownership can also take advantage of revenue enhancements, such as implementing utility and/or bulk internet reimbursement programs2, as well as adding carports and charging tenants for covered parking. The property includes only 576 square-foot units, resulting in overall low per-unit turn (and/or renovation) costs, and the property features easy-to-maintain, through-wall air conditioning systems.
INVESTMENT HIGHLIGHTS
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HIGHLY AMENITIZED BUILD-TO-RENT COMMUNITY WITH BALANCED UNIT MIX Avilla Broadway, built by a premier developer renowned for constructing the most Build-to-Rent (BTR) products in the Phoenix MSA with over 3,500 units developed, offers a desirable unit mix with 32% one-bedroom, 37% two-bedroom, and 31% three-bedroom floorplans. The community is enriched with appealing amenities, such as a resort-style pool and spa, an outdoor kitchen with BBQ facilities, and a private dog park with a pet wash station.
NEWLY STABILIZED COMMUNITY WITH SUCCESSFUL LEASE-UP STORY Avilla Broadway recently completed a successful lease-up, demonstrating impressive leasing velocity with an average of 16 move-ins per month. To strategically hedge against the robust 2025 pipeline, the property has implemented a long-term leasing strategy, with approximately 51% of current leases extending 15 months or longer. Notably, recent leases have been signed without any concessions.
SUBURBAN LIFESTYLE CLOSE TO URBAN AREAS & OUTDOOR RECREATION Avilla Broadway offers the perfect balance of suburban living and convenient access to the vibrant amenities, employment opportunities, and entertainment options in Downtown Phoenix and Goodyear. Moreover, the community’s proximity to Estrella Regional Park offers a wide range of recreational activities for outdoor enthusiasts. This expansive park spans over 19,800 acres, boasts three mountain ranges and consists of over 33 miles of trails.
HIGH MORTGAGE RATES AND LIMITED RESALES BOLSTER BUILD-TO-RENT DEMAND Declining home ownership affordability and limited resale opportunities should continue to create demand tailwinds for Avilla Broadway’s unique Build-to-Rent housing.
ULTRA-CONNECTED LOCATION WITH ACCESS TO DIVERSE, HIGH-WAGE EMPLOYMENT Avilla Broadway is strategically located less than 5 miles from both the I-10 and Loop 202 Freeways, offering residents convenient access to the Valley’s major employment centers, which provide high-paying jobs across diverse industries. Positioned near the forthcoming State Route 30, these homes offer residents streamlined access to high-paying job centers in downtown Phoenix and the rapidly expanding West Valley. Within a 30-minute commute, residents can reach approximately 779,000 jobs, supported by several award-winning medical facilities and the nearby Luke Air Force Base. The strong employment and economic growth along the I-10, 101, and 202 freeways are fueling record absorption, making Avilla Broadway an ideal choice for those seeking proximity to diverse, high-wage employment opportunities.
ENTERTAINMENT-RICH LOCATION WITH EXCEPTIONAL FAMILY APPEAL The property offers residents seamless access to a diverse mix of retail, dining, and entertainment options. Nearby shopping destinations—including Pecan Promenade, Gateway Crossing, Gateway Village, Gateway Pavilions, and Desert Sky Mall—collectively feature over 1.6 million square feet of vibrant retail space. The area is also home to premier entertainment venues such as Phoenix Raceway, host of the NASCAR Championship Weekend, and Goodyear Ballpark, the Spring Training home of the Cleveland Guardians and Cincinnati Reds.
Opportunity
Berkadia is pleased to present Avilla Broadway, a 117-unit horizontal Build-to-Rent (BTR) community located in Southwest Phoenix, AZ. Built in 2024, Avilla Broadway features a low-density site plan with a combination of duplex (one-bedroom) and standalone (two- and three-bedroom) homes, along with well-distributed open areas, providing residents with a distinct sense of privacy. Each rental home boasts well-designed floor plans with ten-foot ceilings, smart home systems, and private fenced-in yards. The community also features high-class amenities, including resort-style pool and spa, BBQ areas, and a private dog park. The property’s Southwest Phoenix address offers residents a suburban lifestyle while being minutes from the vibrant employment and lifestyle opportunities in Downtown Phoenix, Westgate Entertainment District, Southwest Industrial Corridor, and Goodyear Square (GSQ). The community also offers exceptional access to outdoor recreation, including hiking and biking trails throughout Estrella Mountain Regional Park and the nearby 40-acre Alamar Park. Situated south of the I-10 freeway and convenient to the 101, 202, and 303 loop freeways, Avilla Broadway is located in the rapidly expanding Southwest Valley. The property enjoys a prime location in one of the fastest-growing areas within the Greater Phoenix metropolitan region. This area is undergoing significant economic development, which is crucial as absorption rates in metro Phoenix reach unprecedented levels. In the fourth quarter of 2024, Metro Phoenix achieved the highest quarterly absorption total since 2000, with 10,099 units (32% higher than units delivered). The 2025 projected absorption figure indicates a demand for 27,402 units, exceeding new supply projections for the year and shifting certain concerns from overbuilding to a looming housing shortage. This strong absorption has been fueled by multiple high-profile job announcements, including the $165 billion Taiwan Semiconductor Manufacturing Fab (TSMC) in North Phoenix and its suppliers, such as Amkor Technology. The impressive economic development, along with high home values and elevated interest rates that have made mortgage payments increasingly cost-prohibitive, is expected to continue driving demand for build-to-rent. Avilla Broadway is being marketed together with two Metro Dallas Avilla properties. These three properties can be sold individually or as part of a portfolio.
Opportunity
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117
UNITS
2024
BUILT
10001 W. Broadway Road PHOENIX, AZ 85353