I think the biggest issue is that most people do not have that type of money to invest in real estate. Most of the time, it requires a little more outlay (i know for individual properties this is different) than stock purchases. This is one of the reasons REITs are good for a beginning real estate investor. of course, they never provide the same type of return you have outlined above.
And while I don't currently live in the Dallas area, I know exactly what complex you are talking about.