Light Road Apartments presented a classic turnaround opportunity. This 168-unit property was significantly underperforming due to severe capital constraints under previous ownership. Since our March 2020 acquisition, we've executed a comprehensive repositioning strategy, including substantial unit upgrades, amenity improvements, and a renewed focus on customer service. Our efforts culminated in a January 2024 exit, delivering exceptional returns that significantly outpaced initial projections.
Investment Outcomes:
- 2.5x Multiple on Invested Capital (MOIC) achieved in just 4 years
- Approximately 25% IRR, surpassing initial return targets
- Performance significantly exceeded proforma expectations
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