present three fully entitled, shovel-ready
land opportunities positioned in the high-growth Dallas–Fort Worth (DFW) metroplex.
Together, the Melissa, Balch Springs, and Sherman projects deliver 1,420–1,465
residential units plus ±155,000 SF of complementary retail/medical space across ±93
acres. Each site carries final or near-final municipal approvals, fronts existing utility
infrastructure, and benefits from powerful population and employment tailwinds.
• Population Growth
• Job Growth
• Class-A MF Vacancy
• Avg. Effective Rent
+3.3 %
+4.1 %
5.2 %.
$1,627
0.9 %
1.8 %
6.1 %
$1,472
Balch Springs:
~20 % IRR, 1.9× multiple
Sherman:
16 – 18 % IRR, 1.7× multiple
● West Telephone Rd: 875 multifamily/for-sale units; 100 k SF neighborhood retail
● East Telephone Rd: 200 k SF medical, office, indoor sports & ancillary retail
● Status: P&Z sign-off received 5-2-2025; City Council vote 5-6-2025
● Current Interest: LOI for 250 units under review
● Strike Guidance: Seller originated at $26 M; underwriting assumes $23 M close
● Frontage along I-20 with dual ingress/egress
● Zoning, site plan, and utility extensions finalized; plat submission May 2025
● Developer to deliver water, sewer, roadways, and drives within 12 months
● Utilities on site; oversized water main across street
● Demand catalyst: $30 B Texas Instruments fab (3,000+ permanent jobs) two
miles south
● Land is fully entitled; construction may commence immediately on plan approval
Commercial SF:
±55 k SF
retail/entertainment
pads
Commercial SF:
100 k SF retail (W) + 200 k SF retail/medical (E)
Commercial SF: _
Stabilized NOI
Projected Sale Price*
5-Yr IRR (Sponsor)
Equity Multiple
$1.56 M @ 6.5 % cap
$24.96 M – $28.36 M
18 – 22 %.
1.8×
$1.20 M @ 7 % cap
$17.1 M
20 %
1.9×
$2.00 M (pro forma @
6.75 %)
$29.6 M
16 – 18 %
1.7×
