Prizma acquired this 264-unit property through a recapitalization at a favorable basis – well below both replacement cost and prevailing market valuations at the time. The business plan focused on stabilizing operations by improving collections and upgrading the tenant profile. The asset was sold in December 2021 representing a 32.7% increase over the acquisition price. While our original strategy contemplated a longer hold period with a full renovation program, market conditions provided the opportunity to achieve targeted returns ahead of schedule, prompting an early and profitable exit, with a 1.48X multiple.
