The Residence At Patriot Place represents Tusk Equity Partners’ careful market analysis and approach. Having studied this submarket for a long time, and having long targeted the Property, the firm closed the purchase at an advantageous price in November of 2019.
Patriot Place was purchased from a seller based out of the Midwest, who was withdrawing from the Southeast market after prolonged mismanagement. The Property was purchased in fair condition, but with struggling occupancy and down amenities. Tusk Equity Partners developed a detailed and highly targeted plan for improving the Property and turning each unoccupied unit.
Patriot Place represents a strong value-add opportunity. Tusk Equity Partners immediately rebranded to establish a strong tenant-friendly culture. Working with its staff, the value-add strategy was immediately implemented. By repairing and improving the units in tranches, the Property occupancy will steadily increase, as the units are improved. Once its value-add strategy is complete, Tusk Equity Partners will target an advantageous refinance, to return a significant portion of initial investor capital. The new units and strong occupancy will provide cash-on-cash returns to continue to produce a return on investment for investors.