The Overlook Apartments was purchased by Tusk Equity Partners in December of 2017. Overlook was purchased from a private equity fund that had neglected the Property, providing a significant value-add opportunity, at a great price, for Tusk Equity Partners and its investors.
Tusk Equity Partners pursued a thorough capital expenditure plan, making broad improvements to the Property, including its common amenities and to interior units. Revenues have greatly increased, as government-sponsored and marketing has driven up the occupancy. Property improvements has helped increase the monthly unit rentals.
The asset has provided cash-on-cash returns while continuing to improve its performance. Investors have received consistent distributions and a significant capital paydown of their original investment.