Investment Overview

Trinity Heights is a 316 unit, individually metered community located in Fort Worth, Texas along interstate 30 just ten minutes from downtown Fort Worth or Arlington, providing a convenient location for a wide range of area workers and an easy commute to virtually anywhere in the D/FW metroplex. Situated at the intersection of Interstate 30 and Loop 820, residents can also reach Northeast Mall, D/FW Airport, AT&T Stadium, and many other area employers and attractions within minutes. Fort Worth is one of the nation’s fastest growing rental markets with a large and well diversified employment base. With strong population growth and a limited stock of workforce housing available for rent, fundamentals should continue to strengthen in Fort Worth in the years ahead. The subject property was built in 1985 and consists of 25 buildings which are comprised of brick and wood siding exteriors with pitched composition roofs. The amenities package is unrivaled in the area and includes two large swimming pools, a tennis and racquetball court, fitness center, large clubhouse, gated entry, and ample open areas throughout the property. This property also offers individual HVAC units and washer/dryer connections in nearly 70% of the units. The boilers have been replaced over the past three years as well. Trinity Heights offers a new owner a tremendous opportunity to acquire a large, appealing 1980’s vintage property in a good location with $50K+ one-mile median household income at a great basis and achieve 10%+ yields from day-one of ownership. In addition to the great basis and going-in yield, a new owner can add significant value to the asset within a short time frame by improving economic occupancy to submarket averages, reducing water/sewer expenses through a conservation program (see quote on page 47), and providing washer/dryer equipment to residents in a portion of the units. The property currently enjoys positive lease trade-outs (see pages 43 and 44) and is poised for substantial rent growth in the years ahead as the market continues to improve in D/FW. Attractive new agency financing is also available at 78% LTV, which allows for cash-on-cash returns approaching 20% annually upon stabilization.