Tuscany Bay Apartments

Tuscany Bay Acquisition Overview

J+G Companies is pleased to present Applegate Apartments, a 132-unit investment opportunity located in Muncie, Indiana. Applegate Apartments is an off-market, first look opportunity in a market where we already have good scale and strong performance. The property was purchased by one of the largest multifamily owners in the U.S. as part of a large portfolio. They don’t have a presence in Muncie, Indiana so they’ve decided to sell this asset.

Applegate Apartments offers strong in-place cash flow even with low current occupancy. The property currently has about 85% of the units rented. Our strategy is to leverage our operational scale in Muncie to improve occupancy and further improve cash flow.

This investment opportunity is structured with a purchase price of $7.5 million, supported by a $5.7 million loan and an equity raise of $3.0 million. The offering will be conducted under Regulation D, Rule 506(c).

Why We Like This Opportunity:

• Strong Cincinnati MSA Connectivity – Tuscany Bay benefits from access to the broader Cincinnati employment base while offering the advantages of an Indiana location and tax environment.
• Attractive Basis – We are acquiring the property materially below broker guidance, creating favorable basis relative to replacement cost and competing assets in the market.
• Limited Competitive Supply – Tuscany Bay is one of only a few true market-rate apartment communities in the Lawrenceburg submarket, with minimal new supply expected and very limited comparable product.
• Proven Value-Add Opportunity – Renovated units are already achieving approximately $180/month rent premiums, validating the renovation strategy and providing a clear path for future NOI growth.
• Operational Synergies – We currently own and manage on the east side of Cincinnati, allowing us to leverage regional market knowledge, operational infrastructure, and existing relationships.
• Favorable Debt Structure – New agency financing with a long-term fixed rate and four years of interest-only payments supports strong cash flow and enhances projected returns.