The Flora Apartments
Stockton, CA - 15 units
$965,000
acquired
(NOV. 2018)
47% REHABBED
7 OF THE 15 UNITS
20% IRR
projected irr
The Flora Apartments is a 15 unit property located just north of downtown Stockton, CA, a few blocks from our Sutter Court property. We acquired this asset on November 2018 for $965,000, a fraction of the market value. This was self managed by the owner and have completely mis-managed the property. Flite has implemented their value add strategies including rehab of the units and exterior and adding professional management to push rents closer to market. Exit strategy is to sell for a huge upside by increasing NOI, quality of the asset and ultimately value.
