Phoenix, AZ — (April 15, 2019) — Greenlite Holdings, LLC (“Greenlite”), a Phoenix‑based real estate investment firm, today announced the successful sale of Catalina Vista Apartments, concluding a three‑year repositioning program that more than doubled the asset’s value. The 50‑unit garden‑style community in Tucson, acquired for USD 1.45 million, was sold for USD 2.9 million after extensive renovations and operational improvements, delivering a total return on equity of approximately 180% (179.90%) and an equity internal rate of return of 47.31%.
During its ownership, Greenlite invested over USD 422 000 to upgrade every unit, overhaul the exterior and implement energy‑efficient systems. These improvements allowed the property to command higher rents and increase occupancy, demonstrating the efficacy of Greenlite’s value‑add approach.
“The Catalina Vista sale validated our strategy and provided the capital to pursue new opportunities,” said Jonathan Lewis, founder and CEO of Greenlite. “By transforming underperforming assets and unlocking substantial value, we’ve built a track record that positions us well for future growth.”
Proceeds from the sale were reinvested into subsequent acquisitions, including Latitude 32 and The Gradely, underscoring Greenlite’s commitment to disciplined capital recycling and portfolio growth.
About Greenlite Holdings
Founded in 2013 in Phoenix, Arizona, Greenlite Holdings specialises in transforming underperforming multifamily properties into high‑performing assets. The firm relocated its headquarters to Salt Lake City, Utah, in 2020 and continues to execute its value‑add strategy across the Southwest and Mountain West. Greenlite is preparing Regulation A and Regulation D securities offerings based on its proven track record and expanding portfolio.
More About Greenlite
Learn more about our approach, our experience and the outcomes of our strategy.