| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Poor |
| Demographics | 20th | Poor |
| Amenities | 91st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 847 Mary Lee Cir, Irving, TX, 75060, US |
| Region / Metro | Irving |
| Year of Construction | 1983 |
| Units | 79 |
| Transaction Date | 2018-03-29 |
| Transaction Price | $9,000,000 |
| Buyer | DP OAKS LLC |
| Seller | IRVING OAKS ASSOCIATES LTD |
847 Mary Lee Cir Irving Multifamily Investment
Neighborhood occupancy remains firm and renter demand is supported by nearby employment and services, according to WDSuite’s CRE market data. For investors, this submarket of Irving offers stable leasing dynamics with room for targeted value-add in a competitive inner-suburb location.
Irving’s inner-suburb setting provides daily convenience: the neighborhood scores highly for parks, groceries, restaurants, and everyday services, with park access and grocery density ranking among the strongest nationally. These fundamentals help underpin leasing velocity for workforce-oriented assets.
Neighborhood multifamily occupancy is 95.9%, which places the area in the top quartile nationally and suggests steady renewal potential and manageable downtime between turns (based on CRE market data from WDSuite). The neighborhood’s renter-occupied share is 56%, indicating a deep tenant base that supports demand stability for multifamily product.
The 1983 construction vintage is newer than the local average (1967). That positioning can be competitive versus older housing stock, while still warranting capital planning for aging systems and selective modernization to meet today’s renter expectations.
Within a 3-mile radius, household counts have grown recently and are projected to expand further even as population trends remain roughly flat, reflecting smaller average household sizes. This pattern typically widens the renter pool and supports occupancy stability. Median school ratings in the neighborhood are below national averages, which may matter for family renters, but strong amenity access and commuting convenience can offset some of that drag for a broad renter cohort.
Ownership costs in the immediate area are relatively accessible compared with many U.S. metros, which can introduce some competition from entry-level ownership options. However, neighborhood rent-to-income levels remain manageable, helping support retention and reducing near-term rent collection risk for professionally managed assets.
Safety indicators for the neighborhood track below national averages (crime sits in lower national percentiles), signaling a need for standard security and operational best practices. Relative to the Dallas–Plano–Irving metro, the neighborhood ranks 631 out of 1,108 on crime, indicating conditions below the metro median.
Recent trend data show improvement: estimated property offenses declined by roughly a quarter year over year, a pace that ranks favorably versus many U.S. neighborhoods. While violent offense measures remain in low national percentiles, continued declines in property incidents are a constructive sign for longer-term stability.
Proximity to major corporate employers supports a broad workforce renter base and practical commute times for residents, notably in consumer products, chemicals, pharmaceuticals, energy, and air transportation. The following nearby offices and headquarters underpin leasing depth in this Irving submarket.
- Kimberly-Clark — consumer products HQ (4.0 miles) — HQ
- Celanese — chemicals HQ (4.1 miles) — HQ
- Express Scripts — pharmaceuticals & PBM offices (5.0 miles)
- Exxon Mobil — energy HQ (5.4 miles) — HQ
- American Airlines Group — air transportation HQ (5.6 miles) — HQ
This 79-unit, 1983-vintage asset in Irving’s inner suburbs benefits from amenity-rich neighborhood fundamentals, proximity to major employers, and a renter-heavy housing mix. Neighborhood occupancy sits in the top quartile nationally, and within a 3-mile radius, household growth is expected to outpace population, indicating smaller household sizes and a broader renter pool that can support leasing stability. Based on CRE market data from WDSuite, ownership remains relatively accessible locally, suggesting some competition with entry-level buying; however, rent-to-income levels are moderate, which supports retention and operational consistency.
Vintage positioning newer than the neighborhood average allows a competitive edge against older stock, with practical value-add potential through system updates and unit modernization. Nearby corporate anchors across energy, aviation, consumer products, and healthcare services reinforce daily demand, supporting occupancy and renewal prospects through economic cycles.
- Top-quartile neighborhood occupancy supports renewal and limits downtime
- 1983 vintage is newer than local average, offering competitive positioning with targeted modernization upside
- Household growth within 3 miles expands the renter pool despite flat population trends
- Nearby corporate bases bolster workforce renter demand and leasing depth
- Risks: below-average safety metrics and accessible ownership options may temper pricing power