Greystar Equity Partners XI (May-23)
CASE STUDY-AVANA ON BRECKINRIDGE
Garden-style asset located in Duluth submarket, benefitting from local
employment drivers, access to well-rated schools and proximity to central
business district
SOURCING
VALUE-ADD
OPERATIONAL
ENHANCEMENTS
DISPOSITION
•
●
●
Asset was purchased at a discount to replacement cost and was underwritten
for a 5-year hold period
Renovated 179 units at ~60% return on cost during the hold period,
Scope included flooring, countertops, plumbing and lighting fixtures
Common area renovations: landscaping, pool and outdoor space upgrades
Achieved ~40% cumulative rent growth during hold period
Executed opportunities to reduce controllable expenses, including:
More efficient staffing plan
Clearly defined capitalization program
Use of national vendor relationships
Achieved 25% + reduction in controllable expenses during first
●
●
●
year of hold
Conducted comprehensive hold/sell analysis using Greystar's proprietary data
and market analytics
Capitalized on near-peak market pricing to exit the asset early and reduce the
Fund's exposure to the Atlanta market
MARKET
FUND
VINTAGE
UNITS
SQFT/UNIT
ACQUISITION DATE
DISPOSITION DATE
LEVERAGE (LTC)
BEFORE
TRANSACTION OVERVIEW
Atlanta, GA
Greystar Equity Partners X
1986
400
881
April 2020
October 2022
65%
AFTER
This example was selected as a case study because it is the most recently realized asset within the Greystar Equity Partners fund series. A complete list of investments is available upon request. Past performance is not indicative of future results.
PREPARED FOR EMPLOYEES' RETIREMENT SYSTEM OF RHODE
GREYSTAR™ 11
ISLAND ONLY. THIS IS NOT A PUBLIC OFFER OF DISTRIBUTION.View entire presentation