The Gradely Acquisition and Reposition (2018–2021)

Phoenix, AZ — (April 15, 2018) — Greenlite Holdings, LLC (“Greenlite”) is proud to announce the acquisition and successful repositioning of The Gradely, a 184‑unit garden‑style community in Albuquerque, New Mexico. Greenlite acquired the property for USD 11.345 million in April 2018, recognizing significant upside through physical and operational improvements. Over the following months, the firm invested heavily in renovations, leveraging a capital structure of approximately 85 percent loan‑to‑cost, comprised of senior debt and preferred equity.

The repositioning plan involved interior renovations across 129 units, generating an average monthly rent premium of USD 225 per unit. Additional improvements included xeriscape landscaping (yielding city rebates), a full renovation of the pool, clubhouse and gym, enhanced community amenities (fire pit, dog park, BBQ area), new signage, parking resurfacing and fresh paint. Upon disposition in March 2021, Greenlite sold The Gradely for USD 18.3 million, achieving a total return on equity of approximately 110 percent, an equity internal rate of return of 52.60 percent, and an equity multiple of 2.10×, as reported in the firm’s Schedule of Real Estate Owned. These results reflect a disciplined execution of a heavy value‑add business plan.

“The Gradely showcased our ability to execute a complex value‑add business plan while employing a sophisticated capital stack,” said Jonathan Lewis, founder and CEO of Greenlite. “By utilizing preferred equity alongside traditional debt, we unlocked additional leverage and maximized investor returns.”

The Gradely’s success underscored Greenlite’s capability to reposition larger assets and set the stage for the firm’s continued use of preferred equity financing.

About Greenlite Holdings

Established in 2013 in Phoenix, Arizona, Greenlite Holdings specializes in transforming underperforming multifamily assets into high‑performing investments through rigorous underwriting and hands‑on management. The company relocated its headquarters to Salt Lake City, Utah, in 2020 and remains focused on disciplined expansion across key markets. Greenlite is preparing Regulation A and Regulation D securities offerings to support its continued growth.