Creative Realty Partners acquired Tree Top Apartments, a 128 unit apartment complex in Grand Prairie, TX, in September of 2020.
A $1,237,500 rehab budget (included in the initial acquisition financing) was allocated for interior, exterior, and amenity improvements.
The capital improvements were completed within the first 18 months of ownership and facilitated raising rents to market and increasing the existing utility bill-back program, which led to a 36% increase to the total income.
At disposition, the property was fully marketed and generated a sales profit of $7,584,722, representing a 151% Sale ROI. The property sold in December of 2022.
Including the monthly Cash Flow After Debt Service, the total cash-on-cash return on the project was in excess of 174%.