At the end of March 2023, the portfolio comprised 41 assets spread across 14 different states in the United States of America with a total value (appraised value by Colliers as of March 30, 2023) of approximately USD 1.659 billion.
The portfolio is 100% residential and comprises 11’042 units among which 156 are so-called Low-Income Housing Tax Credit (LIHTC) units and 10’886 are market units.
Compared to December 2022, the portfolio (i.e. same perimeter) decreased in value by 2.6% or USD 44.9 million during this period, which is the result of the value-add strategy and of the rental increase.
Property Details as of March 31st 2023
Units | 11’042 | 11’042 total units across 41 properties |
Market Units | 10’886 | 98% of units are market rent units |
LIHTC Units | 156 | 1.4% of units are LIHTC units |
Leasable Square Feet | 10’370’076 | 939 average sq ft/unit |
Leasable Square Meter | 963’412 | 87 average sqm/unit |
Total Market Value | USD 1’658’840’000 | USD 150’230 per unit |
Average Monthly Rent | USD 1’152 per unit | – |
Occupancy Rate | 93.1 % | – |
Loan to Value at Property Level | 57.0 % | – |
Geographical Split of Varia’s Property Portfolio

At the end of March 2023, the value of Varia’s portfolio was USD 1.659 billion.
The Portfolio’s assets are located in 14 States namely: Arizona, Florida, Georgia, Indiana, Kansas, Kentucky, Missouri, Nebraska, New Mexico, North Carolina, Ohio, South Carolina, Tennessee and Texas.