The Palms Watt (Exited Deal)
Sacramento, CA - 11 units
$1,250,000
acquired
(NOV. 2019)
$1,800,000
exited
(aug. 2021)
18.05% IRR
hold period (20 months)
Congratulations to all of our investors who invested in this deal!
Flite is pleased to announce that escrow has closed on the sale of 3911 Watt Ave, Sacramento, CA and we have received proceeds from Title. This is another successful project where we took the property from it's existing condition, rehabbed 9 of the 11 units, rehabbed the exterior, and sold much earlier than anticipated.
Distributions have been processed and all preferred returns, principal, and profits have been wired to our investors.
Palms Watt Apartments is a 11 unit apartment located in the Arden-Arcade submarket of Sacramento, CA. Flite acquired this off market deal on November 2019 for $1,250,000, or $113,636 per unit, which is below market pricing for the Arden Arcade area. Flite quickly implemented it’s value add strategy and was able to stabilize 73% of the units in under 3 months upon acquiring the deal.
Flite has exited in August 2021 for $1,800,000, or $163,636 per unit, at 18.05% IRR. After implementation of value add strategies and achieving stabilization, we exited in 20 months to provide profits to our investors sooner than expected.
