At the end of June 2024, the portfolio comprised 30 assets spread across 13 different states in the United States of America with a total value (appraised value by Colliers as of June 30, 2024) of approximately USD 1.26 billion.
The portfolio is 100% residential and comprises 8’336 units among which 156 are so-called Low-Income Housing Tax Credit (LIHTC) units and 8’180 are market units.
The value of Varia US’ real estate portfolio appraised by Colliers International decreased to USD 1.26 billion as of June 30, 2024 (USD 1.30 billion as of December 31, 2023). On a like for like basis, this represents a slight decrease of 1.8%. The remaining difference is due to the sale of one property.
Property Details as of December 31st 2023
| Units | 8’336 | 8’336 total units across 30 properties |
| Market Units | 8’180 | 98.1% of units are market rent units |
| LIHTC Units | 156 | 1.9% of units are LIHTC units |
| Leasable Square Feet | 7’805’153 | 936 average sq ft/unit |
| Leasable Square Meter | 725’112 | 87 average sqm/unit |
| Total Market Value | USD 1’257’165’000 | USD 150’812 per unit |
| Average Monthly Rent | USD 1’241 per unit | – |
| Occupancy Rate | 93.7 % | – |
| Loan to Value at Property Level | 64.2 % | – |
Geographical Split of Varia’s Property Portfolio
At the end of June 2024, the value of Varia’s portfolio was USD 1.257 billion.
The Portfolio’s assets are located in 13 States namely: Arizona, Georgia, Indiana, Kansas, Kentucky, Missouri, Nebraska, New Mexico, North Carolina, Ohio, South Carolina, Tennessee and Texas.