Toro Place

www.toroplaceapts.com

Toro Place, located in Southwest Houston, was acquired by Nord Group in July 2021 as a value-add opportunity with significant upside potential. The acquisition was financed through bridge debt, enabling the execution of a strategic renovation plan. We invested $950,000 to renovate 150 units, resulting in a substantial $250 rent increase per unit. Alongside this, we implemented renewal strategies that led to an average rent bump of $75 for existing tenants, while occupancy improved dramatically from 80% to 96%.

These operational improvements allowed us to increase the net operating income (NOI) by $1.4 million within just 15 months, positioning Toro Place for a successful refinance. We secured long-term financing with Fannie Mae at 74% loan-to-value (LTV), with the asset appraised at a $40 million valuation.

Today, Toro Place is a stabilized asset with 94% occupancy and 98% collection rates, reflecting its strong market position. We are continuing to enhance the property with minor exterior renovations and amenity upgrades, while also focusing on interior updates for the remaining 50% of the apartments. These efforts are aimed at attracting higher-quality tenants and further increasing the property’s value.