Case Study: Newport Apartments

Irving, TX

Investment Summary
  • Number of Units 308
  • Year Built 1981
  • Date of Acq. 9/30/2015
  • CapEx Budget – Int. Only $500,000
  • Units Renovated 87
  • Avg. Unit Rent at Acq. $802
  • Avg. Unit Rent at 5.31.19 $919
  • Distributions to Date $2,152,148
  • Equity Capital $4,640,000
  • Cumulative Cash on Cash Return (Project Level) 46.4%
Investment Summary
  • Number of Units 308
  • Year Built 1981
  • Date of Acq. 9/30/2015
  • CapEx Budget – Int. Only $500,000
  • Units Renovated 87
  • Avg. Unit Rent at Acq. $802
  • Avg. Unit Rent at 5.31.19 $919
  • Distributions to Date $2,152,148
  • Equity Capital $4,640,000
  • Cumulative Cash on Cash Return (Project Level) 46.4%

Newport Apartments is a 308 unit apartment complex located in Irving, TX. The PPA Group acquired the property in September 2016 with the intent to renovate 100 units, make select exterior cosmetic repairs, refurbish the dated tennis courts on the property, add a dog park, install a new monument sign, upgrade the dumpster enclosures, and address certain deferred maintenance items. Additionally, the property was managed by the owner who owned 2 apartment complexes in the DFW area.

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