Strata
INVESTMENT THESIS
Strata was acquired in a growing submarket supported by Boston’s expanding renter base and strong connectivity to downtown employment centers. The property presented clear opportunities to enhance unit interiors, modernize common areas, and improve operational efficiency while maintaining strong underlying demand.
EXECUTION
Green Cities implemented a focused value‑add program designed to modernize the asset and improve resident experience. Approximately 100 units were renovated with upgraded finishes, resulting in meaningful rent premiums over classic units. Common areas were reconfigured to support evolving renter preferences, including enhanced fitness, work‑from‑home spaces, improved package management, and expanded pet amenities.
Operational initiatives included a property rebrand, updated leasing strategy, and targeted resident programming, supported by proactive asset management. Sustainability and wellness features were integrated through improved air and water filtration, EV charging infrastructure, and efficient building systems, supporting both resident satisfaction and long‑term performance.
OUTCOME
Over the hold period, Strata achieved a 44% increase in NOI and 34% rent growth, significantly outperforming the submarket. Resident retention reached 70%, reflecting improved asset quality and operations. Despite cap‑rate expansion and market illiquidity, the asset was sold in mid‑2025 at a price 11% above prior bids, demonstrating the effectiveness of disciplined execution and flexibility in volatile market conditions.
