Ownership entered a partial affordable (Housing Finance Corporation – HFC) program in January 2025 in exchange for a property tax abatement. Changes in Texas law effectively eliminated this opportunity, but property operations had already been disrupted by efforts to lease affordable units. While occupancy has recovered, Jovia’s in-place rents are currently below-market and offer significant upside potential relative to in-place contract rents and the rental rates being achieved at nearby market rate properties, including assets of inferior construction quality. Jovia represents an exceptional opportunity to increase rents to market levels in Year 1 of ownership.

Within a 3-mile radius from Jovia approximately 1,200 units have been absorbed on an annual basis since 2022. There is currently just over a one-year supply of units to be delivered over the two-years 2026-2027 with no current new starts for units to be delivered in 2028. Within one-mile of Jovia the picture is even better with less than a 7-month supply of units to be delivered over the next two years.

Jovia is 380-unit luxury multifamily community completed in 2023 by noted national developer JPI. The community features state of the art finishes including granite counter tops, stainless steel kitchen appliances, wood-style plank flooring, electronic keyless access, and the community amenities including community Wi-Fi, a resort style pool with cabanas and sundeck, pickleball court, state-of-the-art Technogym, Echelon Smart Connect bikes, and the Echelon Reflect Smart Fitness Mirror. The community also features a clubhouse for social gatherings.

Jovia is centrally located between downtown Dallas and downtown Fort Worth and is well connected to the regional highway system near the intersection of Interstate Highway 20 and State Highway 161 (President George Bush Turnpike). This provides residents with easy commutes to major employers in the Grand Prairie and Central DFW areas including Lockheed Martin, Grand Prairie Independent School District, General Motors Arlington Manufacturing Plant, and Poly America. Additional key employment centers include Dallas/Fort Worth International Airport due north, Great Southwest Industrial Area, and Mountain Creek Industrial Area.

Jovia residents are close to a recently completed IKEA, Bass Pro Shops, Andretti Indoor Karting & Games, Main Event Bowling, Chicken N Pickle, Grand Prairie Premium Outlets and a host of new restaurants including Vidorra, Shake Shack, and Cold Stone Creamery, within 5 minutes of the community.