CalTier invested in APEX in June 2022 with our real estate partners, Bakerson and Camino Verde Group. APEX was originally built in 1968 and consists of 152 units, including 16 1 Bd/1Ba, 96 2Bd/1Ba, 40 3Bd/1.5Ba. It is centrally located near bus routes and major employment locations. The area is targeted for redevelopment and a neighboring mixed-use development just broke ground.
Upon acquisition, our partners began updating the units to attract longer-term residents. APEX is still on track to have renovations 75% complete within 2 years of acquisition and 100% complete by year 3.
Some of the planned renovations include:
- Resurface countertops
- Install new flooring
- Paint Cabinets
- Add backsplashes
- Paint walls
- Install low-flow water devices
- Paint exterior
- Install new playground
In less than a year, APEX has produced a 5.78% return on the initial investment amount.