Oklahoma City, OK — (December 18, 2021) — Greenlite Holdings, LLC (“Greenlite”) today provided an update on the challenges and successes encountered during the repositioning of The Restoration on Candlewood. Shortly after closing on the property in February 2020, Greenlite faced an unprecedented set of obstacles when the COVID‑19 pandemic shut down the economy. With no operational plans or budgets to address such a crisis, the firm quickly adapted—implementing virtual leasing, staggered renovations and enhanced safety protocols to protect residents and staff while continuing to execute its business plan.
Later in 2021, a severe storm caused extensive roof damage across multiple buildings. Greenlite’s insurance carrier initially denied coverage, prompting a successful legal battle to secure the necessary funds for repairs. Despite the setbacks, the firm replaced roofs, renovated affected units and continued repositioning the asset. The challenges were compounded by rising interest rates, which increased financing costs and complicated exit strategies. Nevertheless, Greenlite remained steadfast in its execution, preserving investor capital and positioning the property for long‑term success.
“2020 and 2021 tested our resolve,” said Jonathan Lewis. “We faced a global pandemic, a major weather event and a difficult insurance claim, all while executing a large‑scale renovation. Through proactive management and tenacity, we kept the project on track and protected our investors.”
About Greenlite Holdings
Founded in 2013 in Phoenix, Arizona, Greenlite Holdings specializes in transforming underperforming multifamily properties into high‑performing assets. With a proven track record of navigating complex challenges, the firm relocated its headquarters to Salt Lake City, Utah, in 2020 and continues to expand across the Southwest and Mountain West.
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