Phoenix, AZ — (March 30, 2016) — Greenlite Holdings, LLC (“Greenlite”), a Phoenix‑based real estate investment firm, today announced the acquisition of Catalina Vista Apartments, a 50‑unit garden‑style community located at 8550 East Old Spanish Trail in Tucson. The USD 1.55 million acquisition marked Greenlite’s first investment in the Tucson market and an early milestone in its value‑add multifamily strategy.
Built in 1971, Catalina Vista comprises a mix of one‑, two‑ and three‑bedroom units across five buildings. Recognising the property’s strong fundamentals and clear opportunities for enhancement, Greenlite invested over USD 422 000 during the following 12 months to upgrade every unit, complete a full exterior renovation and implement a comprehensive energy‑efficiency overhaul. Improvements included new paint and signage, landscaping, resurfaced parking areas, and installation of efficient HVAC and plumbing fixtures.
“Catalina Vista was a proof point for our value‑add thesis,” said Jonathan Lewis, founder and CEO of Greenlite. “By identifying a well‑located property with solid bones and clear upside, we were able to apply our hands‑on approach to reposition it and deliver attractive returns. This early success reinforced our conviction in multifamily repositioning and set the stage for our continued expansion.”
The project achieved a total return on equity of approximately 180% (179.90%) and an equity internal rate of return of 47.31%, underscoring Greenlite’s ability to identify underperforming assets and unlock substantial value through disciplined execution. The success of Catalina Vista not only validated the firm’s methodology but also enhanced its reputation with investors and partners, laying the groundwork for future acquisitions and capital raises.
About Greenlite Holdings
Founded in 2013 in Phoenix, Arizona, Greenlite Holdings specialises in transforming underperforming multifamily properties into high‑performing assets. Through rigorous underwriting, targeted capital improvements and hands‑on management, the company has built a track record of strong risk‑adjusted returns. In 2020, Greenlite relocated its headquarters to Salt Lake City, Utah, as part of its expansion across the Southwest and Mountain West. Today, the firm continues to execute its proven value‑add strategy while preparing Regulation A and Regulation D securities offerings for future capital raises.
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