| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Best |
| Demographics | 38th | Fair |
| Amenities | 16th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1598 Weyland Dr, North Richland Hills, TX, 76180, US |
| Region / Metro | North Richland Hills |
| Year of Construction | 1982 |
| Units | 104 |
| Transaction Date | 2012-07-01 |
| Transaction Price | $5,300,000 |
| Buyer | Two Thousand Oaks Assoc LTD |
| Seller | Tto LLC |
1598 Weyland Dr North Richland Hills 104-Unit Multifamily
Stabilized neighborhood occupancy and a high-cost ownership market point to resilient renter demand, according to WDSuite’s CRE market data.
Positioned in North Richland Hills within the Fort Worth–Arlington–Grapevine metro, the property benefits from steady neighborhood fundamentals. Neighborhood occupancy is in the top quartile nationally and is competitive among 561 metro neighborhoods, supporting lease-up and renewal stability for multifamily assets. Housing indicators sit above the national median, while amenities are thinner locally; pharmacies are a relative strength (high national percentile), but on-block cafes, groceries, and parks are limited, suggesting residents rely on nearby corridors for services.
Built in 1982, the asset is slightly older than the area’s average vintage (1986). That positioning often requires targeted capital planning for exteriors, interiors, and building systems, but it can also support a value-add strategy to enhance competitive standing versus newer stock.
Demographics aggregated within a 3-mile radius show recent population growth with further gains projected over the next five years, alongside an increase in households and a modest downtrend in average household size. This combination typically expands the tenant base and can support occupancy stability. Median household incomes have risen, and projected income growth remains constructive, which helps underpin rent levels and reduce turnover risk.
Within the same 3-mile view, about two-fifths of housing units are renter-occupied, indicating a meaningful renter concentration that supports demand depth for multifamily communities. Neighborhood home values are elevated relative to incomes (high national percentile for value-to-income), reinforcing reliance on rental options; at the same time, neighborhood rent-to-income ratios remain near moderate levels, a mix that can aid retention and consistent collections.
Neighborhood-level crime metrics are not available in this dataset for this location. Investors typically benchmark safety using multiple sources and trend comparisons to the Fort Worth–Arlington–Grapevine metro, alongside property-level incident history, to inform underwriting and operational plans.
Proximity to major corporate employers helps support a durable renter pool and commute convenience for residents. Nearby headquarters and offices span retail, airlines, homebuilding, and healthcare services, aligning with diverse white- and blue-collar demand drivers.
- Gamestop — retail HQ (7.5 miles) — HQ
- American Airlines Group — airlines HQ (8.4 miles) — HQ
- Express Scripts — healthcare services (9.0 miles)
- D.R. Horton — homebuilding HQ (9.9 miles) — HQ
- Michaels Cos. — retail HQ (13.0 miles) — HQ
This 104-unit asset offers scale in a submarket where neighborhood occupancy trends are strong and competitive within the metro. According to CRE market data from WDSuite, neighborhood occupancy sits in the top quartile nationally, supporting a case for stable tenancy. Elevated ownership costs in the area further reinforce multifamily demand, while rent-to-income indicators near moderate levels can aid renewal rates and collections.
Constructed in 1982, the property may benefit from a focused value-add program to modernize interiors and systems relative to newer competitors. Demographics within a 3-mile radius point to population growth and a rising household count, expanding the potential renter pool and supporting long-term leasing fundamentals.
- Competitive neighborhood occupancy supports leasing stability
- Elevated home values bolster reliance on rentals and demand depth
- 1982 vintage offers value-add and capital planning opportunities
- 3-mile population and household growth expand the tenant base
- Risks: thinner immediate amenities and potential capex for older systems