Catalina Vista Apartments

    Acquisition Price

    $1,450,000

    Disposition Price

    $2,900,000

    Total Return on Equity

    180%

    Equity IRR

    43.31%

Property Specs

This 50-unit community presented an opportunity to generate returns through targeted capital improvements, efficiency upgrades, and a thoughtful repositioning strategy. Greenlite’s investment focused on enhancing both the physical structure and operational performance to unlock untapped value.

50

Garden Style Units

889 sf

Average unit size

1971

Built in

Property Enhancements

Over the course of 12 months, Greenlite executed a comprehensive renovation plan that touched nearly every aspect of the property. From interior upgrades and common area improvements to a full mechanical overhaul and energy-efficiency enhancements, every update was designed to elevate livability, reduce operating expenses, and support long-term value creation.

Additional Project Background

Underwriting the Opportunity

Greenlite identified misaligned rents and operational inefficiencies that created a clear path for repositioning and value creation. Conservative assumptions and detailed cost modeling ensured a strong risk-adjusted profile.

Repositioning Timeline and Process

Capital improvements were phased to minimize disruption and expedite leasing gains. Operational realignment and renovation began immediately following acquisition, with early upgrades informing future scope.

Repositioning Results

Rent premiums and efficiency gains validated the strategy, positioning the asset for durable cash flow and increased valuation at exit.

The Project Details

Greenlite has invested over $422,000 in capital improvements over the past 12 months into interior renovations of all 50 units, a complete exterior renovation involving new paint, new street signage, landscaping, resurfaced parking lot, and a complete energy efficiency overhaul including a brand new boiler and chiller system, low-flow toilets, efficient aerators and showerheads, and solar screens on all exterior windows. Future Ownership has the opportunity to continue new plan of a upgraded interior package with new, black appliances and upgraded cabinetry. Currently, the upgraded unit is receiving a monthly rent premium of $57 with an investment cost of $2,800.

Capital Improvements Overview

  • Increase the efficiency of controllable operating expenses by incorporating an energy savings system into the existing mechanical equipment/HVAC.
  • Update complex appearance, apartment interiors and facilities to support rent increases.
  • Replacement of carpet (second floor) or plank vinyl floor (first floor)
  • New light fixtures (bathroom and kitchen)
  • New sink and bath fixtures (bathroom)
  • Countertop resurface (bathroom and kitchen)
  • New electrical faceplates and light switches
  • New ceiling fans
  • New thermostat
  • Exterior landscaping enhancements including pool area repairs, parking resurfacing, exterior paint, and new exterior fixtures.
  • New signage

More On Our Investment Strategy

We take a defined strategic approach to each investment, focused on adding value in the right ways, in the right places at the right times.

Our Investment Strategy