Oklahoma City, OK — (March 1, 2023) — Greenlite Holdings, LLC (“Greenlite”) announced today the successful sale of The Restoration on Candlewood, marking the culmination of a three‑year repositioning and demonstrating the firm’s ability to deliver outsized returns despite unprecedented challenges. Acquired for USD 16.5 million in February 2020, the property was sold in February 2023 for USD 32.25 million. The transaction generated a 156.71 percent total return on equity, a 2.57× equity multiple and a 45.89 percent internal rate of return.
During the hold period, Greenlite implemented a 30‑month renovation plan that modernized all 328 units, upgraded the clubhouse and amenity spaces, resurfaced parking, improved landscaping and enhanced the property’s exterior. New leases achieved an average rent premium of USD 358 per unit, affirming the efficacy of the firm’s value‑add strategy. These improvements, along with diligent management and problem‑solving during the pandemic and weather crises, positioned Candlewood as an attractive investment and community asset.
“The sale of Candlewood validates our thesis that disciplined execution and strategic capital improvements can create significant value—even in the face of unforeseen obstacles,” said Jonathan Lewis, founder and CEO of Greenlite. “We are proud of our team’s resilience and grateful to our investors for their trust.”
Proceeds from the sale have been redeployed into new acquisitions and will support Greenlite’s forthcoming Regulation A and Regulation D securities offerings.
About Greenlite Holdings
Founded in 2013 in Phoenix, Arizona, Greenlite Holdings focuses on transforming underperforming multifamily properties into high‑performing assets. The firm relocated its headquarters to Salt Lake City, Utah, in 2020 and is preparing Regulation A and Regulation D offerings to expand its investor base.
More About Greenlite
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