CalTier Fund 1 invested in Apple Lane Apartments in July 2021 with our real estate partner, Redstone Residential.
Apple Lane is currently 99% occupied and 62.7% pre-leased, which is 41.4% ahead of the same time last year. The value-add renovations of the apartment units interiors and the rehabilitation of the common areas are complete, giving Apple Lane the improved “curb appeal” set out in the business plan.
Some of the finished renovations include a newly fully-renovated open kitchen and dining area, new LVT flooring, countertops, cabinets, and paint in each apartment as well as painting the exterior of the property.
Apple Lane has produced a 7.08% return on the initial investment amount, which is right on par with the pro forma projections.