Amenities
Investment Summary
DOC CENTER
Terms of Use
Privacy
Gallery
Visit Doc Center
2934 W Pioneer Dr, Irving, TX 75061
Visit Doc Center
Contact Us
BACK TO TOP
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
Photo Gallery
Location
Investment Highlights
Doc Center
Privacy
Terms of Use
Rent to Own
5
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
4
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
3
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
2
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
1
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
1
2
3
4
5
Meticulously, Maintained Class A BTR Asset
Bella Grace offers 194 apartment homes in a low-density, build-to-rent community with 10-foot ceilings, featuring a distinctive mix of one-bedroom (24%), two-bedroom (46%), and three-bedroom (30%) single-story residences. Enhanced by attractive amenities such as a resort-style pool and spa, picnic area, and private double dog park, Bella Grace provides a harmonious blend of privacy and comfort akin to single-family living, without the maintenance and financial commitments of home ownership. An additional value-add opportunity also may be considered by interested potential buyers.
High Mortgage Rates And Limited Resales Bolster Build-To-Rent Demand
Current home ownership affordability and limited resale opportunities should continue to create demand tailwinds for Bella Grace’s unique build-to-rent housing.
Young and Affluent Resident Demographics Provide Room for Rent Growth
Boasting an average household income over $110,000, Bella Grace’s affluent resident base promotes long-term rental growth. The current rent-to-income ratio stands at only 21.6%.
Exceptional Submarket Rental Fundamentals
With the highest occupancy in Metro Phoenix at 94.64% and effective rents ±9% above the MSA average, Chandler’s limited new supply and strong demand position it as a top-performing submarket with lasting rent growth potential.
High Barriers to Entry and Limited BTR Development
Chandler’s Infill nature, limited land availability, and restrictive zoning create significant barriers to new development, particularly in the BTR sector. Currently, there are currently no BTR units under construction and only one community in lease-up.
Prime, Infill Southeast Valley Location Near Leading Demand Generators
Bella Grace is ideally located near major transportation routes, less than half a mile from State Route 87, 2.5 miles from Loop 101, and 3.5 miles from Loop 202. This strategic positioning ensures quick access to the East Valley’s employment centers, with over 70,505 employers and ±1,160,000 jobs within a 30-minute commute.
Award-Winning Elementary Education
Bella Grace is situated in the Mesa School District and is adjacent to the top-ranked Chandler Unified School District, offering residents easy access to its highly rated (A) schools.
World-Class Healthcare Provides Recession-Proof Employment
Nine hospitals within a 20-minute drive of Bella Grace provide recession-proof employment and support more than 12,200 jobs in the region.
Opportunity
Berkadia is pleased to present Bella Grace, a distinguished 194-unit, horizontal, Build-to-Rent (BTR) community located in Chandler, Arizona.
Constructed in 2017, Bella Grace presents an appealing mix of one-bedroom, two-bedroom, and three-bedroom single-story, low-density, for-rent apartment homes in Chandler’s high-growth, suburban submarket of Metro Phoenix. Each unit features thoughtfully designed floor plans with 10-foot ceilings and private backyards. The units are complemented by attractive community amenities, including a resort-inspired pool and spa, oversized private dog park, walking paths, and a picnic area. This thoughtfully crafted site plan, complemented by well-distributed open areas, offers residents a distinct sense of privacy.
Rental fundamentals in the Chandler, are among the best in Arizona, achieving some of the strongest rent gains in the Phoenix market over the past five years and highest current submarket occupancy. In addition, build-to-rent demand continues to be bolstered by elevated interest rates, mortgage payments, and limited resales.
Bella Grace’s strategic location near the Loop 101 and Loop 202 Freeways provides unrivaled access to the diverse, high-wage employment throughout the East Valley. The area’s expanding labor market is one of the most powerful economic engines in the Southwest U.S., attracting high-quality employers and residents given the excellent schools, parks, and quality of life offered in Chandler. Extensive development projects in the submarket continue to sustain the submarket’s renter pool, such as LG’s $5.5 billion battery manufacturing plant, which is expected to create 2,800 high-wage jobs by late 2025.
Pricing for this unusually attractive opportunity is to be defined by the market. Bella Grace is offered free and clear, thereby allowing investors to explore today’s financing environment.
Opportunity
6
7
194
UNITS
2017
BUILT
2121 N. Grace Blvd | Chandler, AZ 85225
Visit Doc Center
Mortgage Banking:
Brian Huff
Managing Director
303.689.83614
Brian.huff@berkadia.com
LOCATION
8
Berkadia is pleased to present Bella Grace, a distinguished 194-unit, horizontal, Build-to-Rent (BTR) community located in Chandler, Arizona.
Constructed in 2017, Bella Grace presents an appealing mix of one-bedroom, two-bedroom, and three-bedroom single-story, low-density, for-rent apartment homes in Chandler’s high-growth, suburban submarket of Metro Phoenix. Each unit features thoughtfully designed floor plans with 10-foot ceilings and large private backyards. The units are complemented by attractive community amenities, including a resort-inspired pool and spa, oversized private dog park, walking paths, and a picnic area. This thoughtfully crafted site plan, complemented by well-distributed open areas, offers residents a distinct sense of privacy.
Rental fundamentals in the Chandler, are among the best in Arizona, achieving some of the strongest rent gains in the Phoenix market over the past five years and highest current submarket occupancy. In addition, build-to-rent demand continues to be bolstered by elevated interest rates, mortgage payments, and limited resales.
Bella Grace’s strategic location near the Superstition Freeway, Loop 101 and Loop 202 provides unrivaled access to the diverse, high-wage employment throughout the East Valley. The Southeast Valley's expanding labor market is one of the most powerful economic engines in the Southwest U.S., attracting high-quality employers and residents given the excellent schools, parks, and quality of life offered in Chandler. Extensive development projects in the submarket continue to sustain the submarket’s renter pool, such as LG’s $5.5 billion battery manufacturing plant, which is expected to create 2,800 high-wage jobs by late 2025.
Pricing for this unusually attractive opportunity is to be defined by the market. Bella Grace is offered free and clear, thereby allowing investors to explore today’s financing environment.