Oklahoma City, OK — (February 14, 2020) — Greenlite Holdings, LLC (“Greenlite”) today announced its acquisition of The Restoration on Candlewood, a 328‑unit multifamily community in northwest Oklahoma City. Built in 1970, the garden‑style property comprises 15 two‑story buildings and spans nearly 9 acres. Greenlite acquired the asset for USD 16.5 million using a capital structure of approximately 70 percent loan‑to‑cost debt and 15 percent preferred equity.
Recognizing the asset’s potential for significant improvement, Greenlite immediately embarked on a comprehensive value‑add program. The business plan included interior renovations across all 328 units, a clubhouse overhaul, a new fitness facility, upgraded pool and outdoor amenities, resurfaced parking and full exterior repairs. These initiatives aimed to reposition the property from a dated Class C complex into a modern community capable of commanding higher rents.
“Restoration on Candlewood marked our first foray into the Oklahoma City market and our largest acquisition to date,” said Jonathan Lewis, founder and CEO of Greenlite. “The property checked all our boxes: size, upside potential, and a clear path to value creation through physical improvements and operational expertise.”
About Greenlite Holdings
Founded in 2013 in Phoenix, Arizona, Greenlite Holdings specializes in transforming underperforming multifamily properties into high‑performing assets. The firm relocated its headquarters to Salt Lake City, Utah, in 2020. With a disciplined approach to underwriting and renovation, Greenlite consistently delivers strong risk‑adjusted returns for investors.
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