The Fallen Leaf Apartments (Exited Deal)
Stockton, CA - 14 units
$1,250,000
acquired
(SEPT. 2018)
$1,850,000
exited
(OCT. 2019)
47% IRR
Hold period (13 MONTHS)
The Fallen Leaf Apartments in Stockton, CA is an exceptional property consisting of 14 units - 8 units with 2 bedrooms/ 1 bath and 6 units with 1 bedroom/ 1 bath in 4 separate buildings. Flite has acquired this property by beating out 13 offers and closing in 14 days.
During our value add process, we have renovated 3 units and leased them at market rents as well as increase the rents of the remaining units. Renovations include vinyl flooring, designer paint, new kitchen cabinets and stainless steel appliances. We also spent capex in cleaning up the exterior and landscape and providing a more desirable resident experience.
Being located in north Stockton, the property is extremely close to the University of Pacific and a more affluent neighborhood of Stockton.
It was sold in October 2019 for $1,850,000 to a motivated buyer who closed in 40 days. From the sale proceeds, investors received over 47% IRR on their investment with a hold period of 13 months.
