VALUE CREATION

THROUGH CAPITAL BUDGETS

A Trinity Property Consultants Intern Research Project

Three Properties. Three Capital Strategies. One Question:

Where Should Capital Actually Go?

Presented to the Trinity Judge Panel | July 2026

INTRODUCTION

Project Overview & Presenters

PHASE 1

Major Property Upgrades

Arrive Wakaba — Los Angeles, CA

Anderson Feng · Anwar Ali · Nicholas Myrell

PHASE 2

Unit-Level Upgrades

Arrive Rolling Oaks — Thousand Oaks, CA

Jack Martin · Lena Pham · Drew Douglas

PHASE 3

No-Capital Value Creation

Arrive South Loop — Chicago, IL

Claire Hightower · Payton Ulloa · Eland Savage · Ben Frost

PHASE 1

Major Property Upgrades

Arrive Wakaba

232 E 2nd Street, Los Angeles, CA

PHASE 1

Objectives

Evaluate the effectiveness of prior property-wide capital upgrades.

Identify high-value opportunities for further property-wide capital improvement.

Recommend specific capital upgrades with the highest ROI.

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PHASE 1

Property Overview— Arrive Wakaba

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• 240-unit property.
• Built in 2016.
• One of five institutional communities in the Little Tokyo submarket.
• Offers studio, 1-bed/1-bath, and 2-bed/2-bath floorplans. 
• High level of finish and amenity.

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PHASE 1

Historical Review of Capital Budget

Source: 2024.08.07 Wakaba Capex Budget.

PHASE 1

Historical Review of Capital Deployed

DISCUSSION — PHASE 1

Take a guess — what percentage do you think 1-bed and studio rent premiums grew after this capital spending?

PHASE 1

PHASE 1

Historical Review Takeaways

• With the spending outlined in previous slides, 1-bed and studio rent has grown a steady 4%
• Over half of the capital invested into the building has been in Phase 1 upgrades. This has led to an increase in value and rent consistent with market assumptions of 3%, and 4% of expected rent growth
• Looking forward, to build out other amenities they should continue to focus on systems to save money on efficiency, and building upkeep, protecting the pristine image of Wakaba, and the resident experience

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PHASE 1

Resident Survey Insights

1

Amenities are valued but under-maintained

Pool/spa, fitness center, rooftop deck, and dog park are top reasons residents enjoy living at Wakaba. Recurring cleanliness complaints (e.g., pet waste management) — residents want upkeep, not upgrades.

2

Frequent touchpoints drive the most frustration

Washing machines: 10% of recurring work orders. Shared parking: gate failures, peak-hour congestion. DTLA safety concerns affect day-to-day comfort.

3

Repairs and renovations aren't handled efficiently enough

Garbage disposal backups often need outside plumbers due to in-house capacity limits. Mailroom renovation ran long.

4

Results are consistent across Arrive communities

Similar insights from Arrive Magnolia in Seattle.

PHASE 1

Resident Survey Takeaways 

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1. Prioritize high-frequency resident touchpoints.
2. Invest in maintenance efficiency.
3. Preserve existing amenities.

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What Works &  What Doesn't — Arrive Wakaba

WORKS

Wakaba already performs well in many of the areas that define a successful luxury community. Residents consistently value the existing amenity package, the overall appearance of the property, the cohesive interior design, and the thoughtful building layout. Management and maintenance are also major strengths, with both teams showing responsiveness and a strong commitment to maintaining the resident experience and overall quality of the property.

DOESN'T

The main challenges are not a lack of amenities, but smaller operational friction points that can affect the resident experience over time. Premium pricing is becoming harder to justify against nearby competitors, while recurring maintenance issues, gate reliability, parking delays, and occasional communication gaps can create frustration in residents' day-to-day interactions with the property. Individually these issues are manageable, but together they represent opportunities to improve convenience, reliability, and long-term value.

PHASE 1

PHASE 1

Key Value Gap

• The gap between the rent premium and the resident experience. Wakaba has earned its reputation as a luxury property, so the focus now is making sure that experience continues to justify the price.
• Operational support. The maintenance team performs well, but recurring repairs and limited resources make it harder for them to work proactively instead of reactively.
• Everyday convenience. Residents already like what the property offers. The bigger opportunity isn't adding another amenity — it's making the property work better every day: reliable gate access, smoother parking, better communication, and continuing to maintain the spaces residents already enjoy.

Methodology

Rather than recommending a single capital project, we developed a framework that can be applied across mature Phase 1 properties. As properties evolve, the greatest opportunities for value creation often shift away from adding new amenities and toward improving the resident experience, operational performance, and long-term asset preservation. This methodology provides a structured approach for prioritizing capital investments based on resident impact, operational value, and the property's existing competitive strengths, making it adaptable to a variety of assets beyond Wakaba.

PHASE 1

PHASE 1

Recommendation — 3-Step Implementation

1

Prioritize High-Frequency

Resident Touchpoints

Capital should first be directed toward the parts of a property that residents interact with most often — maximizing impact per dollar invested.

2

Invest in Operational

Efficiency

Capital investments should improve long-term performance, not just appearance — reducing recurring maintenance and supporting on-site operations.

3

Preserve Existing

Competitive Advantages

As a property matures, capital should shift from adding new features to protecting the qualities that already make it successful.

PHASE 1

Implemented Recommendation

Prioritize High-Frequency Resident Touchpoints

Parking Garage & Resident Access

• Improve resident access by evaluating gate reliability, traffic flow, and circulation within the existing easement agreement.
• Focus capital on daily resident touchpoints that have the greatest impact on convenience and overall experience.

Invest in Operational Efficiency

Maintenance Resources

• Capital planning should consider the cost of preventing future issues, not just the cost of responding to them.
• Budget beyond minimum operational needs to reduce recurring repairs and maintenance backlogs.
• Invest in resources and equipment that improve long-term efficiency and lower operating costs.

Preserve Existing Competitive Advantages

Pet-Friendly Amenities

• Continue investing in the cleanliness and upkeep of pet areas to maintain one of Wakaba's most valued amenities.
• Protect existing strengths that reinforce resident satisfaction and the property's luxury positioning.

PHASE 1 — Resident touch points

Garage Upgrades

How the resident touchpoint upgrade pencils out, specifically for the garage

Market Comparison

• AVA Little Tokyo (Primary Peer) currently utilizes high-speed grilles and modern automated access systems to command a premium positioning, highlighting the asset vintage gap at Wakaba.

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• Arrive Wakaba's legacy 2016 roll gate represents a notable security risk (tailgating vulnerability) and creates a lower-tier arrival impression for leasingprospects.

Projected Cost

Rent Premium and Payback period

• Upfront Investment: An institutional-grade CapEx budget targeting the garage's two highest-impact, highest-wear touchpoints.
• Tech & Hardware Allocation (~$80,000): Replaces standard rolling gates with high-speed security grilles and integrates modern RFID/mobile access control.

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• Physical Allocation (~$50,000): Funds backlit exterior branding, clear commercial/residential tier signage, and durable floor/column stenciling.

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• Strategic Role: An ROI-driven capital improvement—rather than deferred maintenance—that directly eliminates the  gap between Arrive Wakaba and local comps like AVA Little Tokyo.

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• The Justification: Rather than pushing base apartment rents, this recommendation optimizes ancillary parking revenue. Upgrading standard garage entry into a more secure, well-branded, and friction-free experience justifies moving the monthly parking fee from $100 up to $115.​

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• The Underwriting Model: To remain highly conservative for the investment committee, underwrite an 85% utilization rate across the 240 units (assuming 204 active monthly residential parkers out of the 240 total apartments).

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• This generates an extra $3,060 per month, $36,720 in brand-new annualized gross revenue directly hitting the property’s Net Operating Income ($NOI). ​

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GATE & ACCESS TECHNOLOGY

Financial Overview

Initial capital expenditure for gates, technology, and signage, priced against incremental rent premium across 204 active spaces.

PAYBACK PERIOD

3.54 years

(~42.5 months)

YIELD ON COST (CapEx ROI)

28.2%

Yield on Cost = Annualized Incremental Revenue ÷ Initial CapEx ($36,720 ÷ $130,000 = 28.2%)

PHASE 1

Applying the Framework: Invest in Operational Efficiency

BUDGET ANALYSIS

The budget shows that a large portion of maintenance spending is dedicated to sustaining current operations through recurring repairs. This highlights an opportunity to evaluate how future capital can be allocated to create greater long-term value rather than simply maintaining existing conditions.

Current budget primarily supports recurring maintenance and day-to-day operations.

Increase investment in preventative resources rather than relying on reactive repairs.

Equip the maintenance team with the tools and support needed to improve long-term efficiency.

Reduce recurring work orders and operational backlogs through strategic capital planning.

SELECTED 2025 MAINTENANCE BUDGET ALLOCATION

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Dog Wash to Protect Wakaba's Advantages

UPGRADE SCOPE

Convert an underutilized common area or garage corner into a premium $22,000 resident Pet Spa.

The build allocation dedicates $13,200 to commercial grooming basins, safety dual-motor dryers, and heavy-duty hair trapping drainage, and $8,800 to waterproof tiling and safety-gated entryways.

$13,200 grooming build  $8,800 tiling & safety

THE MARKET COMP

Local premier competitor Aliso Apartments (located blocks away in the Arts District) heavily leverages their dedicated Pet Wash and Grooming Station to anchor high resident retention and command rent premiums.

By implementing this targeted lifestyle amenity, Arrive Wakaba directly matches their package and eliminates a critical competitive vulnerability.

Pet Spa — Financial Overview

Bottom line: A $22,000 investment pays for itself in under a year and yields 111.3% annually thereafter, a defensible, low-risk capital play.

Phase 1 Takeaways

ORIGINAL PLAN

A major-upgrade capital plan built around big-ticket, highly visible improvements. 25.8% of the $4.94M itemized budget ($1.27M) went to Amenities & Common Areas and 19.9% ($982.8K) to Unit Interiors — protecting Wakaba's luxury position in a submarket where its finish level already exceeds direct comps.

GOAL ACHIEVED?

NOT FULLY

Partially. 1-bed/studio rent grew a steady 4% and big-ticket upgrades delivered the ~3% market-consistent premium underwriting assumed — the capital did move rent. But resident survey data also points to areas where more value is still on the table.

BETTER USE OF FUNDS

Resident survey and submarket data point toward reallocating future capital away from adding or upgrading amenities and toward high-frequency touchpoints and operational efficiency — gate reliability, parking congestion, pet amenities, and recurring maintenance.

PHASE 2

Unit-Level Upgrades

Arrive Rolling Oaks

300 Rolling Oaks Dr., Thousand Oaks, CA 91361

PHASE 2

Objective

Measure ROI Upgrades

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Identify High-Value Renovations

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Develop Upgrade Strategies

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Review former upgrades impacts on rent

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Determine which upgrades

deliver the highest return

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Determine which upgrades

deliver the highest return

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PHASE 2

Property Overview

253 units | Built 1972 | Two stories, garden-style | 300 Rolling Oaks Drive, Thousand Oaks, CA 91361

Floor Plans: Oak — 1BD/1BA, 628 sq ft; Cedar — 1BD/1BA, 756 sq ft; Redwood — 2BD/1BA, 962 sq ft; Sequoia — 2BD/2BA, 962 sq ft

Amenities: Pool, fitness center, two dog parks, in-unit washer/dryer, granite counters, stainless appliances, private balconies

PHASE 2

Historical Review of Capital Budget

Building Exteriors is the single largest capital category — 36.7% of the entire budget — anchored by one line: Windows/Sliders alone consumed $915,000, 19.2% of total capital and the single largest individual line item in the budget.

Source: Los Robles Draft Capex Budget 07.27.23.

PHASE 2

What Didn't Work?

• Renovated units turned heaviest; Classic Sequoia held
• Concessions ran 453% over budget — $287,612 actual vs. $52,000 budgeted
• Green Upgrade never finished — $82,225 budgeted, still unspent

YARDI-CONFIRMED

Up-front Concessions: $287,611.58 actual vs. $52,000.00 budgeted since the Dec 2022 acquisition — a 453.10% overage, confirmed directly from the Yardi P&L.

Source: Arrive Rolling Oaks (arollin) Budget Comparison, Dec 2022–Jul 2026, Book = Cash.

DISCUSSION — PHASE 1

Out of 253 units, how many do you think are actually at the premium finish tier? Shout a number.

Open floor — we'd like to hear how you think we stand with our unit renovations. 

PHASE 2

Biggest Gap: 22.5%

22.5%

57 of 253 units sit at the premium finish tier — the other 196 (Classic/Future) are listed side by side in the same marketing.

Premium Finish (57)

Classic / Future (196)

🔍

Prospects see renovated-tier photos, tour a Classic unit instead — not misleading, just poorly communicated before arrival.

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The Gap Isn't What

You Think

🎯

Strategy, not shortfall

Underwriting never intended 100% of units at full spec — the last renovation dollar earns less than the first.

⚠

Un-marketed tiers cost twice

We lose Classic-price prospects and surprise Renovated-tier prospects — both cost conversion.

📣

The fix is marketing, not more renovation

Turn the tiered strategy into a distinct, clearly-marketed product line.

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PHASE 2

Resident Survey Findings

Parking

Limited availability and dissatisfaction with additional parking fees ($25/$50).

Smart Home Technology

Keyless entry and app-controlled access are the most requested, however residents aren't willing to pay more, as current “keyless entry” is frequently unreliable.

Price

Rent increases are the main reason influencing renewal decisions. Residents expect strong value without significant rent premiums.

Maintenance

Requests for faster service, better communication, and quicker repairs to washers/dryers, which are the frequent source of complaints.

Additional Community Amenities & Engagement

Dog wash station, fire pit, outdoor lounge seating, and more resident events were frequently requested to strengthen the community experience.

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PHASE 2 — TIERED STRATEGY

Light Tier Recommendation

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PHASE 2 — RECOMMENDATION 1

The Green Upgrade Funds Itself

$

UPFRONT COST

$82,225

💧

WATER/SEWER ACTUAL (ANNUALIZED)

$162,681/yr

%

ESTIMATED REDUCTION

20%

$325/unit × 253 — confirmed, already approved, unspent

confirmed Yardi actual, Dec 2022–Jul 2026

conservative, EPA WaterSense standard

💰

ANNUAL SAVINGS

~$32,536/yr

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PAYBACK

2.5 years

Also lowers strain on original 1972 plumbing — Yardi shows Plumbing repairs already 74% over budget ($40,508 vs. $23,316). Lower flow, fewer pipe incidents, lower utilities for residents and ownership alike.

Source: Los Robles CapEx Budget, Unit Interiors tab (cost) + Arrive Rolling Oaks Yardi Budget Comparison, Water/Sewer + Repair & Maint. lines (Dec 2022–Jul 2026).

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PHASE 2 — TIERED STRATEGY

Mid-Tier Recommendation

Interior Paint

Price/Unit: $1,400

Ceiling Fans

Price/Unit - $300

Smart Thermostat

Price/Unit - $200

LED Lighting

Price/Unit - $200

Smart Locks

Price/Unit - $225

PHASE 2 — RECOMMENDATION 2

Smart Access (Comp Parity Gap)

Funded by Capital Reserves — $75,900/yr, confirmed, already collected annually.

COST

$56,925

$225/unit × 253 (comp-based estimate)

ASSUMED PREMIUM

$25

per unit/month

ANNUAL REVENUE

$75,900

estimate

PAYBACK

0.75 years

ROI

133%

AFTER PAYBACK: ~$170,775 REDIRECTABLE

Once the 0.75-yr payback clears, the $75,900/yr becomes ongoing revenue — ~$170,775 available across the remaining 2.25 years of the capital plan to help fund LED lighting and additional unit renovations.

Caveat: only works paired with a reliability commitment — residents already flagged current keyless entry as unreliable. A broken smart lock is worse than no smart lock.

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PHASE 2 — RECOMMENDATION 3

Prioritize the Line Items That Actually Move Rent

Blended actual spend: $4,345/unit (Maple), $5,088/unit (Black/Brown Mid), $4,345/unit (Decron) — targeted-item strategy, not a shortfall

The fix: prioritize Counter Tops, Fixtures, Flooring, Appliances over Cabinets, Paint, Tub Surrounds, Window Coverings

▢

Counter Tops

$3,600

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Fixtures

$2,000

▬

Flooring

$2,250

⚙

Appliances

$2,500

Total: $10,350/unit (vs. $13,350 full spec)

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$3,000 SAVED / UNIT

22% below the $13,350 full package, same rent-driving items kept.

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+29% REACH

Same $1.34M budget reaches ~129 unit-equivalents instead of ~100 — ~$43,800/yr in new rent, no added cost.

Blended per-unit = tier total ÷ tier units (Maple $430,155/99, Black/Brown Mid $493,487.50/97, Decron $247,665/57). Rent premium: $162.35/mo ATA blended full-restoration premium × ($10,350/$13,350) = $125.88/mo per unit; +29 units × $125.88 × 12 ≈ $43,800/yr.

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PHASE 2 — RECOMMENDATION 4

💡

Living Room Lighting (Natural Light Gap)

3 recessed LED cans + dimmer, no smart control — full property rollout, ~3-year pace at unit turn (same pace as Rec 2)

LOW

Cost/unit

$725

Total (253 units)

$183,425

Payback

2.0 yrs

ROI

49.7%

MID

Cost/unit

$1,037

Total (253 units)

$262,488

Payback

2.9 yrs

ROI

34.7%

HIGH

Cost/unit

$1,350

Total (253 units)

$341,550

Payback

3.75 yrs

ROI

26.7%

$30/unit/month assumed premium — rough estimate, not comp-sourced. $91,080/yr revenue at full rollout.

FUNDING STACK

Contingency + Exterior Lighting: $159,576 confirmed

+ Smart Access redirect (post-payback): ~$170,775

= $330,351 available — covers Low & Mid fully, ~97% of High

🌱

GREEN SAVINGS

LED vs. incandescent-equivalent: ~82% less electricity, ~$100/yr cheaper per unit for residents

Pairs with the Green Upgrade's water savings — lower utilities for residents and ownership, less strain on original plumbing

Cost range: rough contractor estimate, not vendor-quoted. Funding stack assumes Smart Access redirect after its 0.75-yr payback (Rec 3).

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Strategic Capital Priorities — Arrive Rolling Oaks

Green Upgrade

$82,225 · 2.5-yr payback · already funded

Rent-Impact Priority

$10,350/unit · +29% reach, no added cost

Smart Access

$56,925 · 0.75-yr payback · 133% ROI

LED Lighting

$183K–$342K · 2.0–3.75-yr payback · rough estimate

Three of four require no new capital ask. The fourth is partially funded today and self-funds the rest as Smart Access and the renovation program compound over the same 3-year rollout.

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PHASE 3

No-Capital Value Creation

Arrive South Loop

1935 S Wabash Ave, Chicago, IL 60616

PHASE 3 — THE LENS

Reading South Loop Through One Question

Every phase in this deck is read the same way: what Trinity originally planned, whether it worked, and what our research says would have created more value.

ORIGINAL PLAN

A $1.99M capital plan split across Retail White Box/TI ($700K), Interior Refreshes ($512K), Leasing Office/Fitness ($440K), Exterior Improvements ($258K), and Resident Amenities ($80K) — aimed at sustaining South Loop's original condominium-quality positioning.

GOAL ACHIEVED?

NOT FULLY

Partially. Interior Refreshes and the Leasing Office Relocation created real, durable value — preserved finishes, returned a unit to the rent roll, improved leasing visibility. But the single largest line item, the $700K Retail Lease-Up, became the biggest execution risk, tying apartment performance to slow-moving commercial leasing, while Exterior Improvements produced curb appeal without much financial return.

BETTER USE OF FUNDS

Resident survey data shows residents at this already well-finished property aren't asking for more luxury capex — they're asking for smart access, updated kitchens, and small operational fixes, all of which pencil at far higher ROI and far lower cost than another large capital program.

PHASE 3

Property Overview

• 180 rentable units
• Built in 2010
• Average unit size of 912 SF
• South Loop, formerly known as Terrazio, entered the market as a condominium-quality community with strong finishes but relied on capital improvements to drive additional value.

PHASE 3

Historical Capital Strategy

Did these investments maximize value?

TOTAL CAPITAL

$1,990,000

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PHASE 3

Investments That Created Value

• Interior Refreshes
• Preserved existing condominium-quality finishes
• Avoided unnecessary full renovations
• Supported rent growth while controlling capital costs
• Leasing Office Relocation
• Returned one apartment to the rent roll
• Improved leasing visibility
• Increased operational efficiency

PHASE 3

Investments that Underperformed

• Retail Lease-Up
• $700,000 invested in retail improvements became the largest execution risk because tenant improvements delayed projected NOI
• Apartment performance became dependent on commercial leasing
• Exterior Improvements / Amenities
• Improved the curb appeal and marketability, but ultimately had limited financial return

As a Phase 3 property, future rent growth should come from maintaining the quality of existing product rather than chasing expensive premium renovation programs.

PHASE 3

Resident Survey Insights

Smart Access

Mobile building access was the most consistent technology request.

“A butterfly system (or something similar) to get into the lobbies… I once forgot my key...If we had a butterfly system I could've unlocked the door from my phone.”

Kitchen Modernization

Residents identified outdated kitchens as one of the property's biggest interior improvement opportunities.

“Cabinets in my unit are incredibly outdated, constantly falling off the hinges.” “Additionally, countertops could be updated as well.”

Operational Improvements

Residents consistently requested improvements that enhance everyday convenience rather than new amenities — common-area cleaning, trash cans, garage mirrors, a  food delivery area.

“Something simple but effective may be to have a dedicated area in the lobby for food deliveries.” “Trash cans… on the lower level of the garage floor near the doors.”

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Resident Survey Takeaways

Our survey revealed a clear trend: residents are not asking for more luxury, they are asking for smarter technology, refreshed interiors, and operational improvements that make everyday apartment living more convenient.

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DISCUSSION — PHASE 3

“What does Phase 3 mean for a Trinity Arrive

property, in your words?”

Open floor — we'd like to hear how you'd frame no-capital value creation before we walk through our findings.

PHASE 3

Introducing Recommendations

• EV Charging Station
• Kitchen Enhancement (LED lighting, countertop refresh)
• Smart Locks
• Simple Property Adds

PHASE 3 — RECOMMENDATION

EV Charging

According to the Illinois Secretary of State — Electric Vehicle Counts by County, June 2026:

• Cook County (Arrive South Loop) — 47,328
• DuPage County (West) — 26,158
• Lake County (North) — 19,183
• Will County (South) — 13,387
• Kane County (West) — 8,100

“Cook County surged by approximately 1,079% over a recent five-year span, leaping from just 2,119 vehicles to 24,978.” (The Daily Northwestern, 2024)

EV PRICE TRENDS

• The average price of a new electric vehicle fell to $54,532 in May, down 4% year-over-year
• This marks the 11th consecutive month of year-over-year EV price declines
• Lower vehicle prices are making EVs more affordable and accessible to a wider range of buyers

Chicago Moves Electric — City of Chicago framework plan for EVs and e-mobility (72 pages, dated July 2025): goals, stakeholder input, existing conditions, priority siting analysis, policy objectives, and next steps.

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PHASE 3 — RECOMMENDATION

Financial Overview — EV Charging

4 Charging Spaces

• Estimated Installation Cost: $15,000–$20,000
• Monthly Revenue per Space: $60–$90
• Total Annual Revenue (4 cars): $2,880–$4,320

Low Revenue

Revenue: $2,880/year

Cost: $20,000

ROI: 14.4%/year

Payback: 6.94 years

High Revenue

Revenue: $4,320/year

Cost: $15,000

ROI: 28.8%/year

Payback: 3.47 years

Out of 17 apartment comps, only 4 have EV charging:

• AMLI Lofts — $305 for EV, base parking $225
• Arrive Michigan — free with parking
• Aspire — public EV charging
• Astoria Tower — public EV parking

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PHASE 3 — RECOMMENDATION

Kitchen Modernization Package — The Financials

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PHASE 3

Kitchen Modernization Package

As a Phase 3 property, South Loop already offers condominium-quality interiors, making full renovations unnecessary. A targeted Kitchen Modernization Package modernizes the most visible area of the apartment through cabinet refreshes, hardware upgrades, and LED lighting. Residents specifically identified outdated kitchens as a priority, making this a high-impact, cost-effective investment that preserves the property's premium positioning.

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PHASE 3

Smart Locks

Yale Pro 2 lock is designed for apartments and managed properties

• Bluetooth smart control: manage the lock locally using the Yale Access app when your phone is within Bluetooth range
• Hands-free convenience: Auto-Unlock and Auto-Lock simplify entry when your hands are full
• Easy code management: create and manage entry codes for family members, guests, or service providers
• Activity Tracking: view lock activity and access history through the Yale Access app to see who has come and gone

Yale Pro® 2 Bluetooth Smart Lock (BLE)

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Bluetooth Smart Lock with Keypad Access

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PHASE 3

Smart Locks — The Financials

• Costs approximately $225 per unit, or $40,500 for South Loop's 180 units
• Assume a $50 per-unit rent premium monthly
• Amounts to a $108,000 annual premium
• Payback period is 0.375 years

(Estimates made based on assumed rent premiums derived from comp research)

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Yale Pro® 2 Bluetooth Smart Lock (BLE)

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Bluetooth Smart Lock with Keypad Access

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PHASE 3

Simple Property Adds

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Strategic Capital Priorities — Arrive South Loop

Kitchen Modernization

113% ROI per unit

Smart Access

High resident request

EV Charging Stations

14–29% ROI

Operational Improvements

<$1,000 total investment

Arrive South Loop doesn't need more luxury as a Phase 3 property. By aligning future capital with resident priorities and measurable value outcomes, Trinity can strengthen resident satisfaction while creating long-term asset value.

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Conclusion

Three properties, three capital intensities, one consistent lesson: the biggest returns rarely come from spending more — they come from spending what's already been budgeted, reserved, or committed, and pointing it at what residents actually experience every day.

PHASE 1

Major Property Upgrades

Arrive Wakaba

Amenity-level capital already moved rent (+4% studio/1-bed). The remaining opportunity is operational: parking access, gate reliability, and maintenance resources — not more amenities.

PHASE 2

Unit-Level Upgrades

Arrive Rolling Oaks

It's a strategy — not every unit needs the full spec. Four moves (Green Upgrade, rent-impact prioritization, Smart Access, LED Lighting) close the gap, three funded from capital already collected.

PHASE 3

No-Capital Value Creation

Arrive South Loop

Yes — residents aren't asking for more luxury. Kitchen touch-ups, smart locks, and operational fixes under $1,000 total outperform the property's own $700K retail lease-up on ROI.

Together, the three phases give Trinity a repeatable framework: match capital intensity to what the resident data actually supports — at every stage of a property's life.

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