08/11/2026
Most deals never make it past our first review.
At a recent meetup, we had the opportunity to live underwrite Devonshire, a 140-unit apartment community in the North Dallas market.
Three things immediately got our attention:
First, the property has an assumable HUD loan with a 3.18% interest rate and approximately 29 years remaining.
Second, the property benefits from a long-term property-tax abatement, which may help support the projected cash flow.
Third, the purchase price is approximately $157,000 per unit below the pricing of several comparable properties in the market.
But attractive numbers do not automatically make something a good investment.
We still have to review the operations, occupancy, expenses, loan-assumption process, business plan, risks, and the experience of the operating team.
The purpose of underwriting is not to force a deal to work.
It is to determine whether the opportunity deserves to move into deeper due diligence.
Would you like to see more of how we evaluate potential apartment investments?