Latitude 32 Acquisition (2018)

Phoenix, AZ — (January 10, 2018) — Greenlite Holdings, LLC (“Greenlite”) today announced its acquisition of Latitude 32, a 76‑unit garden‑style community in Tucson, Arizona. The property, built in 1979, was purchased for USD 3.4 million in January 2018. Recognizing the asset’s under‑rented status in a stable submarket, Greenlite executed a 14‑month repositioning plan that modernized the property and generated outsized returns.

Greenlite’s renovation program included interior upgrades across 73 units, xeriscape landscaping, pool and gym renovation, and the addition of amenities such as a fire pit, dog park and BBQ area. Exterior improvements included new signage, resurfaced parking and fresh paint. New leases achieved an average monthly premium of USD 183 per unit. According to Greenlite’s Schedule of Real Estate Owned, the property was later sold for USD 5.6 million, generating a 73.25 percent total return on equity, a 1.73× equity multiple and an equity internal rate of return of 39.34 percent. These results highlight a strong but more moderate outcome than initial projections and demonstrate disciplined underwriting and execution.

“Latitude 32 exemplified our ability to identify undervalued assets and create significant value through targeted upgrades and operational improvements,” said Jonathan Lewis, founder and CEO of Greenlite. “The success of this project reinforced our belief in disciplined underwriting and hands‑on execution.”

The acquisition and successful repositioning of Latitude 32 laid the foundation for Greenlite’s expansion into larger assets and paved the way for more sophisticated financing strategies.

About Greenlite Holdings

Founded in 2013 in Phoenix, Arizona, Greenlite Holdings transforms underperforming multifamily properties into thriving communities. With a relocation to Salt Lake City, Utah, in 2020, the firm continues to execute its value‑add strategy across the Southwest and Mountain West. Greenlite is preparing Regulation A and Regulation D securities offerings as part of its growth strategy.