park-manor

Visit Doc Center

2934 W Pioneer Dr, Irving, TX 75061

Visit Doc Center

Investment Sales Advisors:

DALLAS OFFICE

5960 Berkshire Lane, Suite 1000 Dallas, TX 75225 214.346.0200

Caleb Jones

Senior Director 972.458.7355caleb.jones@berkadia.com

Paul Harris

Senior Managing Director 972.764.8490 Paul.harris@berkadia.com

Thad Wetterau

Senior Director 972.754.5420 thad.wetterau@berkadia.com

Greg Smith

Senior Managing Director 817.313.7081 Greg.smith@berkadia.com

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. © 2024 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

Contact

Photo Gallery

Investment Highlights

Doc Center

Privacy

Rent to Own

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

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

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

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

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.

INVESTMENT HIGHLIGHTS

LOCATION

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.

Eric Calub

Senior Director 972.567.3560 eric.calub@berkadia.com

Jay Gunn

Managing Director 214.679.7100 jay.gunn@berkadia.com

Tom Burns

Managing Director 469.369.9400 tom.burns@berkadia.com

2934 W Pioneer Dr, Irving, TX 75061

Investment Highlights

LOCATION

Contact

DOC CENTER

Privacy

Photo Gallery

Long-Term Ownership: Park Manor reflects a well-maintained opportunity, with a proven track record of stable operations and historically strong occupancy performance. Value-Add Opportunities: 100% of the units are in "classic" condition with the option to add bulk internet, a dog park, and carports. Major Employment Centers: The subject property is conveniently located within a 15-minute drive of several major employment centers: • Baylor Scott & White Medical Center and Dallas Medical District • Dallas/Fort Worth International Airport and Dallas Love Field • Las Colinas, North Texas’ largest office park, includes 125,000 corporate jobs. Abundant Lifestyle Amenities: Within a 15-minute radius of the property are Irving Mall, Heritage Crossing District, Irving Arts Center, and Toyota Music Factory, among other retail and dining options. Former Texas Stadium Site Development: The city of Irving plans to redevelop a 400-acre site at the northeast corner of State Highway 183 and Loop 12. The site, formerly home to Texas Stadium, will include eight sections featuring corporate headquarters, an international business district, retail, services, and residential buildings in a walkable urban environment.

year built

1980

210

Units