The Lodges at Glenwood

194 Unit Apartment Complex | Provo, Utah

  • LODGES AT GLENWOOD

Asset Overview

  • 194 Unit Student Housing
  • Provo, Utah
  • Value Add

  • Core Plus

Asset Details

The CalTier Fund invested in Glenwood in March 2021. So far, Glenwood has been performing in line with the business plan and proforma expectations.

The property is currently 100% occupied and 8.2% preleased. All the apartment unit renovations and exterior projects were completed in time for the start of the 2022-2023 academic school year.

The Effective Gross Income (EGI) and Net Operating Income (NOI) are performing ahead of schedule, including last quarter in which the actual EGI was 15% above the original pro forma projections and the actual NOI was 22% above the original pro forma projections.

To date, Glenwood has produced a 8.45% return of our initial investment back to the CalTier Fund. With completed renovations and University enrollment projected growth, we are very excited about this asset.

Updates About This Asset

  • UTAH-BRIGHAM-YOUNG-ASSET-CASH-FLOW-FUND-INVEST

Property update: Apartment acquisition at Brigham Young University

The project is expected to generate an annualized return of roughly 15.1%, net IRR, by CalTier Fund I LP partners. Disclaimer: The realized return on an individual project may vary significantly from your portfolio-level return as a CalTier investor. The CalTier Fund investment in the 194-unit, 1,156-bed student housing complex at Brigham Young University officially closed in late March 2021. The property was sourced off-market through a proprietary relationship with the owner. This property, located adjacent to the 36,000+ student ...

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