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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
Kristin Watson
Operations Director 602.445.1674 kristin.watson@berkadia.com AZ License #SA649645000
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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Prime Location in Rapidly Growing Area Blossom Rock is situated in the thriving City of Apache Junction submarket, close to several major corporate employers. With expanding employment opportunities in the area, the property is poised for strong market rental growth.
Family-Friendly Haven with Top-Ranked Schools and Amenities Located within one of the Southeast Valley’s newest master-planned communities, Blossom Rock offers access to A-rated schools like BASIS Mesa and American Leadership Academy. With expansive parks, walking trails, and recreational facilities, the low-density, amenity-rich neighborhood is ideal for families seeking quality education and lifestyle.
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 Hampton Meridian’s unique Build-to-Rent housing.
Ultra-Connected Location with Access to Diverse, High-Wage Employment Blossom Rock is located less than two miles from the State Route 24 and less than five miles from U.S. 60 Freeway, providing residents with immediate access to the East Valley’s major employment centers offering high-paying jobs across diverse industries.
Property Features The community will offer a designer fitness center, resort-style pool, meeting areas, and a greenbelt with a series of trails. It comprises 203 luxurious units featuring Class A amenities such as premium countertops, stainless-steel appliances, one- and two-story homes, integrated smart-home technology, and private walled yards.
Strong Demographics The median household income within three mile of the property is $136,552, significantly higher than the national average of $78,732. Additionally, the local population is projected to grow by 27.1% over the next five years.
Highly Sophisticated Sponsorship Brookfield Residential, part of Brookfield Properties, brings deep expertise in BTR development and access to institutional-scale resources, with 50,000+ lots across 26 master-planned communities.
Opportunity
Blossom Rock is a planned 203-unit Class A detached rental home community in the City of Apache Junction, Arizona. Situated on 17.6 gross acres near Warner Avenue and Ironwood Drive, the low-density neighborhood will feature upscale three- and four-bedroom homes ranging from 1,154 to 1,587 square feet. Though located within the Blossom Rock Masterplan, the community will not be subject to ongoing Blossom Rock HOA fees. Each unit will include a private yard and an attached one- or two-car garage.
Blossom Rock presents a compelling opportunity in the East Valley—one of Phoenix’s fastest-growing regions with strong demand for high-quality rental housing. Homes will include stainless steel appliances, premium countertops, and a mix of one- and two-story layouts. Planned amenities include a designer fitness center, resort-style pool, meeting spaces, and expansive greenbelts. As part of the broader Masterplan, residents will also enjoy access to shared amenities such as sports courts, dog parks, and a 25+ acre regional park with lakes. A Great Hearts charter school—the nation’s leading provider of classical education—is set to open within the Masterplan by Fall 2026.
The community’s location offers convenient access to top-rated schools, major employers, and retail centers, as well as proximity to the Superstition Mountains and other outdoor recreational destinations. Additionally, Phoenix-Mesa Gateway Airport is just eight miles away, offering flights to over 45 destinations and supporting continued regional growth.
Construction is expected to begin in Winter 2025, with lease-up and stabilization targeted within 36 months, followed by an anticipated exit. The sponsor is currently exploring joint venture equity or a forward sale.
Brookfield Properties Development is a global real estate investment and development firm with over $1 trillion in assets under management. The company is currently developing more than 1,000 built-to-rent units across Houston, Phoenix, and Denver, with 900+ units in planning. Backed by access to 26 master-planned communities representing over 50,000 residential lots, Brookfield is strategically positioned to expand its build-to-rent portfolio across North America.
Opportunity
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Joint Venture or Forward Sale
203-Unit Build-to-Rent Community
10075 E. Rugged Mountain Drive city of Apache Junction, AZ 85118
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Dan Cheyne
Managing Director 602.327.4447 dan.cheyne@berkadia.com AZ License #SA578551000
Mortgage Banking
Michael Slovitt
Managing Director 312.636.5322 michael.slovitt@berkadia.com
Grant Bailey
Senior Real Estate Analyst 312.845.5160 grant.bailey@berkadia.com
Jared Glover
Managing Director
702.489.4232 jared.glover@berkadia.com
NV License #B.0144864
203-Unit Build-to-Rent Community
Sale or JV Considered
