The Winsdale Apartments (Exited Deal)
Sacramento, CA - 14 units
$1,495,000
acquired
(MAY. 2019)
$2,250,000
exited
(DEC. 2020)
22.9% IRR
Hold period (19 MONTHS)
Winsdale Apartments is a 14 unit complex acquired off-market in May 2019 for $1,495,000 located in the Arden-Arcade area of Sacramento, CA. It is a value-add multifamily opportunity with 10 of the 14 units being 2 bedroom.
The property is ideally located in a quiet neighborhood near freeway access, with a church across the street, a remodeled elementary school half a block down the street, and residential units all around. This portion of Sacramento thrives as the second largest employment area in the region outside of Downtown-Midtown.
Flite was ahead of our renovation schedule since acquisition. We have implemented our strategy to get ahead of the new AB-1482 California rent control law, and get 79% of the units renovated and leased at market rates. By doing so, we have significantly accelerated our value add strategy for this property and exit schedule. Flite was able to exit this property in December 2020 for $2,250,000 and achieve almost 23% IRR and over 40% MOIC for our investors!
