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.
