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.