We would like to take this opportunity to thank all of our investors who took advantage of this opportunity in 2019 and placed their trust in the Flite team throughout this profitable journey.
The sale of the Winsdale Apartments is complete and successful! Escrow has closed successfully on this sales transaction, all funds have been received from title, lender, and other parties. Investor's principle has been returned a few weeks ago and investment proceeds has been wired to all investors!
We have exceeded all targets from our original projections when we first acquired the property:
Almost 23% IRR and over 40% MOIC in the Sacramento Arden Arcade Area!
Since acquiring the property on May 2019 for $1,495,000, we have executed our value-add process by rehabbing units and increasing the rents to market at an amazing rate. After 17 month of ownership, we have increased the value of the property to a sales price of $2,250,000 and far ahead of schedule.
Sacramento leasing remains strong during these unprecedented times as people are still actively looking for places to live. This strength also stems from the fact that renters are leaving the high priced Bay Area market for more affordable apartments in the Sacramento market. This translates into a strong multifamily market for investors. Flite is still bullish in the Sacramento market and continue to seek out value-add acquisitions in great locations, especially in the multifamily and self storage sectors and off-market product that is presented to us through our strong relationships with our brokers. Please be on the lookout for new opportunities in 2021 as we push to replicate the profitability of the Winsdale deal and exceed our investors expectations.
Flite would like to thank our investors for joining us on this amazing journey and hope that you team up with us in future opportunities!
Click here to see additional information and images of the property.
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Disclaimer: The views and opinions expressed in this post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action. Past performance is not a guarantee of future return, nor is it necessarily indicative of future performance. Keep in mind investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.