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2934 W Pioneer Dr, Irving, TX 75061
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San Antonio Investment Advisors
San Antonio Mortgage Bankers
San Antonio OFFICE
250 W. Nottingham Drive Suite 120 San Antonio, TX 78209
Cody Courtney
Senior Director
210.377.1219
Cody.Courtney@berkadia.com
Cutt ableson
Senior Managing Director
713.469.4503
Cutt.Ableson@berkadia.com
Will Caruth
Managing Director
210.377.2768
Will.Caruth@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.
© 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
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
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.
Executive Summary
Berkadia’s San Antonio multifamily investment sales team is excited to present the exclusive listing of Tuscany Park Apartments, a prime 392-unit value-add opportunity in the prestigious North Central submarket of San Antonio. Built in 1982, Tuscany Park spans 13.62 acres and features 36 two-story buildings with durable hardiplank and brick siding, pitched composite shingled roofs, and commercial utilities. The property offers eight diverse floor plans, including townhomes, with an average unit size of 692 square feet designed to meet market demand.
This predominantly untouched 1980’s asset has only 16 designer units achieving $75 premiums. Additional renovations across the 145 classic units can merit $100-$150 in premiums, with functional updates having been completed as-needed throughout the remaining units. New ownership also has the opportunity to rent out washer and dryer appliances in all units for an additional $40 premium, further enhancing revenue potential and maximizing returns on investment.
Tuscany Park is offered as a loan assumption with a favorable 5.34% interest rate on the remaining eight-year loan term, including over three years of interest-only payments.
Investment Highlights
01
Attractive Loan Assumption
Tuscany Park is being presented as a loan assumption offering a stable and predictable financing structure with a fixed interest rate of 5.34%, allowing new ownership to benefit from 39 months of interest-only payments, which can enhance cash flow in the short term. With 99 months remaining on the loan, investors can capitalize on the existing favorable terms without the need to secure new financing, potentially avoiding higher current market rates.
Loan Assumption Acquisition:
Interest Rate: Fixed at 5.34%
Interest-Only Period: 39 months remaining (September 2028)
Loan Term: 99 months remaining (August 2033)
Amortization: Standard 30-year (360 months)
Prepayment Penalty: Yield Maintenance
06
Constrained Development Landscape
The development pipeline within a three-mile radius of the property presents a unique opportunity for new ownership to capitalize on a constrained construction environment. With only one project planned, Tuscany Park is poised to capitalize on a growing population and limited competition, enhancing the property's appeal. This environment underscores the investment opportunity, offering new ownership the potential to secure a strong market position and benefit from sustained tenant demand. This environment is likely to support favorable absorption rates in the overall submarket, potentially leading to higher occupancy levels and rental growth for the existing property.
05
Limited Availability in Single Family Home Market
The median home price within 1-mile of Tuscany Park was approximately $310,000 in 2024 and has risen to $330,000 in May of 2025. The submarket’s overall home value has risen to $400,000-430,000 with several listings at this value or higher within immediate proximity of the Property.
04
Dynamic Economic and Employment Statistics
Driven by high-paying jobs and sustained employment performance, the demographics surrounding Tuscany Park are some of the strongest throughout San Antonio. The current median household income in North Central Bexar County stood at $85,710. The exceptional demographics of the immediate area bode well for Tuscany Park to capture top-tier rent levels and continue to grow rents as wages continue to rise.
03
Key Location with Strong Appeal to Renters
Tuscany Park is strategically just north of the San Antonio International Airport inside Loop 1604, offering excellent accessibility to major thoroughfares. It is situated near the intersection of Patricia Drive and West Avenue, providing easy access to Loop 410, a major highway encircling the city. This proximity to Loop 410 facilitates convenient travel to various parts of San Antonio, including downtown, which is approximately a 15-minute drive away. The traffic flow in the vicinity is moderate, with peak hours typically in the morning and late afternoon, aligning with typical commuter patterns. : The Northeast Independent School District has consistently demonstrated strong academic performance, with schools like Winston Churchill High School leading the way. Churchill High School has been recognized for its excellence in education, often ranking among the top schools in the region, and is easily recognized for its high graduation rates and impressive college admission statistics.
02
Potential for Interior & Exterior Enhancements
Tuscany Park presents investors with tremendous upside potential across multiple avenues including interior renovations, exterior capital improvements and a more client centric management approach. Through capital infusion including an interior upgrade program, community amenity improvements and the rebranding and repositioning of this asset, new ownership will capture healthy rent premiums in the range of $100-$150 per unit.
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Location
First Floor Lightly Renovated Designer Upgrades
Premium
UNITS
Percentage of Total Units
Current Premium Program
Classic Units Washer/Dryer
Potential Value-Add Program
Percentage of Total Units
Premium UNITS
$15.00
$65.00
$75.00
189
235
16
48%
60%
4%
$100.00
$40.00
145
392
37%
100%
Cameron Hart
Senior Director 512.226.8708 Cameron.Hart@berkadia.com
Boyd Oliver
Director
972.801.3069 Boyd.Oliver@berkadia.com