The Appletree Townhomes was purchased in September 2017 from a small operator. The Property was in good condition, but with below-market rents, and nonexistent other income.
Tusk Equity Partners immediately focused on increasing revenues. Increasing occupancy in the high 90s, the firm was able to increase rents over 15%. The increased occupancy and higher rentals greatly increased the rent roll.
Appletree has returned cash-on-cash to its investors since its acquisition. The increased revenue enabled Tusk Equity Partners to secure a Supplemental Loan with Lender, which provided a significant capital paydown of investors’ original investment.