Property Specs
By acquiring the asset below market value and executing a full-scale renovation — including interior upgrades, amenity enhancements, and major exterior improvements — Greenlite was able to reposition the property and deliver a 136% total return on equity over a short hold period.
Property Enhancements
Greenlite executed a comprehensive repositioning plan that transformed both the interiors and the community environment, renovating all 73 units and fully upgrading key exterior spaces and amenities. From xeriscape landscaping and refreshed common areas to new signage, resurfaced parking, and the resolution of all deferred maintenance, the property was elevated into a modern, high-performing asset.
Capital Improvement Overview
- Interior unit renovation across 73 units ($9,500/unit), resulting in over $5,500 in city rebates
- Full demo and reinstallation of xeriscape landscaping
- Full renovation of the pool area, leasing office, gym, and sport court
- Increased community amenities to include a fire pit, dog park, and BBQ area
- New signage (1 monument sign. 1 building sign above office)
- Resurface parking lot
- New paint
- Addressed all deferred maintenance
Return on Investment Overview
- Acquisition Price – $3,400,000 on 01/2018
- Disposition Price – $5,600,000
- Total Return on Equity – 136%
- Equity IRR – 17.55%
- Equity Multiple – 2.36x
- 75% LTC (debt)
More On Our Investment Strategy
We take a defined strategic approach to each investment, focused on adding value in the right ways, in the right places at the right times.