(December 18, 2021) — Greenlite Holdings, LLC (“Greenlite”) provided an update today regarding operational challenges affecting The Restoration on Candlewood, including pandemic-related disruption and severe weather impacts that affected execution of the property’s business plan.
Like many multifamily operators during this period, Greenlite faced a combination of labor constraints, supply-chain disruption, inflationary pressure, and broader uncertainty that affected renovation timelines and day-to-day operations. In addition, severe weather events created further disruption and added complexity to property-level execution.
Despite these challenges, Greenlite continued working to advance the repositioning of Candlewood through active oversight, operational problem-solving, and continued focus on the long-term business plan. The company remained committed to stabilizing the asset and navigating the property through an unusually difficult operating environment.
“Periods of disruption test discipline, patience, and execution,” said Jonathan Lewis, founder and CEO. “While the environment has been challenging, we remain focused on working through these issues in a thoughtful and responsible manner.”
Greenlite views the experience at Candlewood as an important part of its development as an operator and believes the lessons learned through this period have helped strengthen the company’s approach to execution, risk management, and asset oversight.
About Greenlite Holdings
Greenlite Holdings is a multifamily real estate investment firm founded in 2013, with roots in earlier operating experience dating back to 2009. The company focuses on identifying, acquiring and repositioning underperforming multifamily assets through disciplined underwriting, hands-on asset management and strategic capital improvements.
This communication is for informational purposes only. Past performance is not necessarily indicative of future results.
More About Greenlite
Learn more about our approach, our experience and the outcomes of our strategy.