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2934 W Pioneer Dr, Irving, TX 75061
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Investment Sales Advisors:
DALLAS OFFICE
5960 Berkshire Lane, Suite 1000
Dallas, TX 75225
214.346.0200
Caleb Jones
Senior Director 972.458.7355 caleb.jones@berkadia.com
Paul Harris
Senior Managing Director
972.764.8490
Paul.harris@berkadia.com
Eric Calub
Senior Director 972.567.3560 eric.calub@berkadia.com
Nathan stone
Senior Managing Director 214.394.3444 nathan.stone@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.
© 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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Mortgage Banking:
Guy Griffith
Associate Director 214.360.3864 guy.griffith@berkadia.com
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QUICK STATS
624 SF
Average Unit Size
$997
Avg. Effective Rent
1974 & 1982
Year(s) Built
311
UNITS
PHOTO GALLERY
Proven Upward Mobility with Rents via Lease Trade Outs
In-Place rent at the property has trended upwards over the previous 60 days, showing a 3% increase versus current in-place rent establishing a strong growth narrative both for the property and Seagoville/Southeast Dallas sub-market. The average effective rent in this submarket is 25% higher than the effective rent at Woodside Flats.
Rental Upside via Unit Renovations
100% of the units are currently in classic condition giving new ownership a “blank slate” to start unit renovations and begin charging a premium for some or all units post renovation. To achieve a 24% ROI, we anticipated a $100/unit rent increase on select units after infusing on average $5,000/unit in renovations.
Professionally managed and maintained
Current ownership has injected a large amount of capital into the asset, helping to boost curb appeal, cure deferred maintenance, and allow a new buyer to focus on revenue generating items. Roughly $2.3mm has been spent on exterior improvements, plumbing, leasing office, and pool improvements.
Opportunity for Increased Revenue & Significant Savings
New ownership can enhance Other Income by adding fees for carports, offering a valet trash service, and implementing bulk and internet cable services. Moreover there is opportunity to reduce select expenses such as water by strategically implementing water waste conservation methods such as Acquamizer, effectively lowering water cost by up to 35%, driving NOI growth.
Strong Surrounding Employment via Dallas Logistics Hub
The Dallas Logistics Hub is located approximately 10 miles to the southwest of Woodside Flats. This is one of the largest inland ports in North America, spanning over ~6,000 acres and adjacent to four major Dallas highways. This park features industrial space for distribution, warehouse, manufacturing, office, and retail needs, serving as a key backbone to Dallas’ employment, and includes notable companies in and around the hub including Amazon, FedEx, Kohl’s, Whirpool, and others.