The Grove at Irving is a community of 176 apartment homes built in 1976 located in the heart of Irving with immediate access to major highways and employment centers. Touro Asset Management Group, and its principals, Dante Andrade & Buck Joffrey, had the opportunity to preview this asset right before it was listed on the open market. From their experience in the submarket and this asset’s numbers, they immediately saw the potential for major upside and cashflow. The property is located in the south side of Irving, Texas, which is the 3rd largest city in the DFW metroplex, situated in between Dallas and Fort-Worth. Touro owns another asset, Tierra Del Sol, just 2 miles from The Grove at Irving. Tierra Del Sol has been a strong performer since its acquisition in January 2020. With the growth of the burgeoning Irving submarket, this asset is perfectly placed for continued profitability. The upsides will primarily come from forced appreciation through upgrading 75% of the units to a premium level. With these upgrades, we will capture an average of $132/unit over their rent at the time of acquisition, not including additional upside from other income. To enhance the living experience of current residents and attract new tenants, we are making substantial revenue-generating amenity improvements. These include the addition of covered parking, a playground, a dog park, private yards on select units as well as washer and dryer rentals.
