Water Ridge

Irving, Texas

Summary

Number of units 476
Year Built 1984
Structure Equity
Projected Annual Dividend 7.43%%
Projected Annual Total Return 14.29%%

Investment Thesis

The Water Ridge property is located just south of the intersection of I-183 and Highway 161, an attractive site for potential residents due to its proximity to several major employment centers. The largest nearby employer is the DFW airport, with other major employers including American Airlines and Hospital Corp of America. Known for its telecom, financial services, airlines, healthcare, and energy industries, Dallas has a diverse mix of large employers. While the property has received significant upgrades, there remains ample opportunity to drive value through amenity renovations and unit interior upgrades. Approximately 16 of the 476 units have been upgraded to the premium level and are achieving attractive rental increases. There remains significant upside to continue increasing occupancy and driving rents higher in the process.