Rustic Ridge is situated at a great location in Irving, TX. This 208-unit property is adjacent to Asher Park, also owned and managed by Touro, and is located at the corner of two major roads in Irving. There are three major highways within 2 miles. The upside is significant given our understanding of and experience in the Irving submarket. In addition, our plan to standardize market rents and deliver superior unit upgrades will make Rustic Ridge the obvious choice for future residents. 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 $410/unit over their rent at the time of acquisition, not including additional upside from other income. We are utilizing a detailed renovation schedule with an emphasis on quick turnaround while proactively managing renewals. We continue our commitment to excellent customer service by extending office hours, providing a 24-hour emergency maintenance line, offering community-building events, and completing work orders in a timely manner. To enhance the living experience of current residents and attract new tenants, we are making substantial revenue-generating amenity improvements. These include washer and dryer rentals, the addition of reserved parking, private yards on select units, as well as improvements to the pools.
