Newport

Apartment purchase and improvement in Irving, TX


Summary

  • Number of Units 308
  • Rating B
  • Structure Equity
  • Projected Holding Period 5 years
  • Projected Annual Dividend 10.0%
  • Projected Annual Total Return 22.0%

Investment Thesis

The Newport property is located on North Beltline Road in Irving, across the street from the Irving Mall. There is significant retail including the mall, numerous restaurants, AMC movie theaters, big box retailers, grocery stores, and pharmacies. It is approximately one mile north of I-183, one of three major east-west freeways connecting Dallas and Ft. Worth. Newport has outpaced the high rental growth in the submarket in 2017. According to Costar Analytics, rents at comparable properties built between 1975 and 1988 increased 5%-6% since January 2017, while average occupancy has remained steady at 95%. Newport has outpaced the market with 10%-11% average rental revenue growth in 2017. While the property has received significant upgrades, there remains plenty of opportunity to drive value and force appreciation. Two thirds of the units have been upgraded, leaving one third to upgrade and thus raise rents. There are also significant exterior amenities to improve such as removal of old unused tennis courts and re-landscaping, addition of a dog park, improved playground area, and addition of 1 to 2 outdoor kitchens.

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