The Jose Figueres
San Jose, CA - 12 units
$3,000,000
acquired
(NOV. 2020)
25% REHABBed
3 OF THE 12 UNITS
32.2% IRR
PROJECTED IRR
The Jose Figueres Apartments is a 12-unit apartment community consisting of 2 parcels of 6 units each that are adjacent to each other and strategically located in east of downtown San Jose, California. This is an off-market deal presented to us through our broker relationships with whom we have closed deals with in this market. The in-place rents are at an average of $1,296 for the 1 bedrooms, which is considerably lower than market rates.
There are value-add opportunities from all angles, from rehab to the addition of professional management. As the tenants turn, the interior of these units will be updated with our design palette and leased at market rates, which in this market, hovers around $2,100. We have allocated capital reserves to improve the exterior with paint, landscape, and other design touches to reposition this property for the next owner.
This property is uniquely positioned to Flite and our investors to take advantage of the gentrifying area, acquire at a discounted price when compared to market, and participate in the value upside.
