PEREGRINE

Peregrine is a 2024 mid-rise (5-story) wood-frame apartment community in Irving with 364 units across 123.6K sq ft, delivering 340 sq ft per unit. The property is finished to "very good" quality with standard finishes across units—quartz countertops, stainless steel appliances, hardwood-style flooring, in-unit W/D, and private patios/balconies—and amenity-heavy common areas including a two-story fitness center, sky lounge, resort pool, and co-working space. Garage parking is provided. Irving's walk score of 37 indicates car dependency; the property carries a 4.7 Google rating.

Peregrine occupies a high-income urban core with strong renter concentration but faces affordability compression. The 1-mile radius median household income of $101.0K and 82.5% renter occupancy signal deep demand from affluent renters, yet the 21.2% affordability ratio—where income-to-rent consumes over one-fifth of median HHI—suggests rents are at the ceiling for this submarket. Income distribution is skewed right (48.3% earn $100K+), confirming an affluent renter pool rather than workforce housing, but the 3-mile data ($108.8K median, 73.3% renters) reveals the property sits in the densest, most competitive pocket of its broader market. The 5-mile periphery income drops to $89.9K with only 65.2% renter occupancy, signaling meaningful suburban ring-down, which limits downside tenant pools if the immediate 1-mile market softens.

Unit Mix Analysis — PEREGRINE

Data insufficiency prevents meaningful analysis. The property shows 364 units but the unit mix totals only 1 unit (studio), with zero units recorded across all other bedroom types. Either the dataset is incomplete or the property operates under a non-standard classification system. Without verified unit counts by bedroom type and corresponding rent schedules, we cannot assess concentration risk, demographic alignment, or market positioning. Recommend data validation before proceeding with underwriting.

Appraisal History – PEREGRINE

The property's 264.7% YoY appreciation reflects a newly stabilized Class A asset (completed 2024) moving from construction/pre-stabilization valuation to full operating income capitalization; the 2025 appraisal of $27.1M translates to $74.6K per unit, positioning this as a premium product. Land represents only 8.8% of total value ($2.4M), typical for a new construction elevator multifamily with minimal redevelopment optionality. A single appraisal point limits trend analysis, but the YoY swing is consistent with lease-up completion rather than market distress.

Peregrine is experiencing meaningful operational deterioration masked by strong historical sentiment. The 60-basis-point decline in average rating over six months (4.9% to 4.3%) reflects a sharp bifurcation: 79 five-star reviews highlight exceptional staff (Michala, Consuelo, Roberto, Chris noted repeatedly) and maintenance responsiveness, while the five one-star reviews concentrate on a systemic garage door security failure that management has failed to resolve despite multiple resident complaints across January–February 2026. The pattern—where at least one tenant upgraded from 1-star to 5-star only to revert after the issue recurred—signals quality-control breakdown rather than isolated incidents. Staff excellence is masking a capital maintenance discipline problem that, at $2.0K+/month rents, directly undermines the value proposition and exposes liability risk.