At the end of December 2021, the portfolio comprised 43 assets spread across 15 different states in the United States of America with a total value (appraised value by Colliers as of December 31, 2021) of approximately USD 1.412 billion.
The portfolio is 100% residential and comprises 11’887 units among which 540 are so-called Low-Income Housing Tax Credit (LIHTC) units and 11’347 are market units.
Compared to December 2020, the portfolio (i.e. same perimeter) grew in value by 20.7% or USD 169.8 million during this period, which is the result of the value-add strategy and of the rental increase.
Property Details as of December 31st 2021
| Units | 11’887 | 11’887 total units across 43 properties |
| Market Units | 11’347 | 95% of units are market rent units |
| LIHTC Units | 540 | 5% of units are LIHTC units |
| Leasable Square Feet | 10’878’103 | 915 average sq ft/unit |
| Leasable Square Meter | 1’010’609 | 85 average sqm/unit |
| Total Market Value | USD 1’412’010’000 | USD 118’786 per unit |
| Average Monthly Rent | USD 932 per unit | – |
| Occupancy Rate | 94.6 % | – |
| Loan to Value at Property Level | 54.27 % | – |
Geographical Split of Varia’s Property Portfolio
At the end of December 2021, the value of Varia’s portfolio was USD 1.060 billion.
The Portfolio’s assets are located in 15 States namely: Arizona, Florida, Georgia, Indiana, Kansas, Kentucky, Missouri, Nebraska, New Mexico, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee and Texas.