2934 W Pioneer Dr, Irving, TX 75061
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
Contact
Photo Gallery
Investment Drivers
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.
PHOTO GALLERY
Visit Doc Center
Contact Us
BACK TO TOP
Investment Advisors
Office location
121 Calhoun Street
Suite 200
Charleston, SC 29401
Erika Maston
Managing Director
843.806.4394
erika.maston@berkadia.com
DRE License #121194
Dave Lansbury
Senior Managing Director
571.212.0501
david.lansbury@berkadia.com
DRE License #95120
Wilson Jones
Associate
501.249.2995
wilson.jones@berkadia.com
Jim Sewell
Senior Managing Director
843.806.4400
jim.sewell@berkadia.com
DRE License #41360
6301 MEADOWVISTA DRIVE | CORPUS CHRISTI, TX 78414
1680 Bluewater Way, Charleston, SC 29414
QUICK STATS
94%
Occupancy
$1,866
Market Rent
1,062 SF
Avg. Unit Size
2018
YeAr Built
350
Units
$1,806
Effective Rent
Visit Doc Center
Investment Drivers
Visit Doc Center
Photo Gallery
Investment Highlights
DOC CENTER
Terms of Use
Privacy
Contact
Visit Doc Center
AFFLUENT AND DESIRABLE SUBURB West Ashley is one of Charleston’s more affluent, reputable, and desirable suburbs:
49% of households within a 3-mile radius have average incomes exceeding $100,000
Home values in the adjoining neighborhood to Bluewater begin at $500,000 and the average sale price in the West Ashley area is $725,000
These fundamentals ensure a massive renter pool, with ~36% of the population opting to rent vs own
STRONG SUBMARKET FUNDAMENTALS WITH LIMITED SUPPLY PIPELINE The West Ashley submarket continues to experience strong growth, with rents expected to grow at 3.4% annually over the next 3 years. Despite strong fundamentals, geographic constraints and zoning barriers limit West Ashley future supply.
CLASS A, CORE-PLUS PROPERTY, WITH LIGHT VALUE-ADD POTENTIAL The property has embedded upside with completion of the current ownership's renovation program. 178 (51%) of units remain untouched with the balance receiving select upgrades, allowing for immediate upside from a light value-add package inclusive of stainless steel appliances, designer tile backsplashes, stone bathroom counters with undermount sinks, upgraded lighting fixtures, and select amenity upgrades. With nearly $300 in headroom to top of market properties, continued unit upgrades should deliver premiums of $100+.
WEST ASHLEY DEVELOPMENTS FUELING GROWTH
3,000-acre+ Long Savannah/Village Green PUD is in final planning, a major mixed-use redevelopment centered northwest of the Bolton’s Landing neighborhood
Redevelopment of the 53-acre Citadel Mall site, anchored by a $33M renovation for MUSC’s campus expansion
Ashley Landing mixed-use development under construction with new Publix grocer, office and civic spaces
$73M Ashley River Crossing pedestrian & cyclist bridge is under construction, connecting West Ashley to downtown Charleston
ACCESSIBLE TO KEY METRO EMPLOYERS AND DEMAND DRIVERS Bluewater is situated in the charming Bolton’s Landing master-planned community, proximate to a Publix grocer as well as a Harris Teeter-anchored center with 200k SF of retail. Residents enjoy highly convenient commuter access, via entrances on both Bees Ferry Road and Highway 17, providing multiple commuting options to I-526, I-26, and Charleston’s CBD. It is also close to major employers like MUSC & Roper St. Francis medical campuses, Boeing, Bosch, and Joint Base Charleston. West Ashley also offers superior proximity to lifestyle drivers compared to more outlying suburbs such as Summerville, Ladson, or Clements Ferry. Bluewater residents enjoy much shorter commute times to area beaches and Charleston’s renowned dining and nightlife.