In October 2010 Structure PMG began a third party property management assignment for a 40 unit apartment building at 249 North Euclid Avenue in Pasadena, California. Structure PMG helped their client with the due diligence and acquisition of Euclid and then took over property management responsibilities for the client. Structure PMG immediately improved income and occupancy and continued to outperform initial underwriting and market conditions.
Structure PMG also implemented a value added improvement program for this asset that included the roof, units, hallways, landscaping and other capital improvements. Once the decision was made to capitalize on this improved property Structure PMG assisted is selecting the real estate brokerage team, working with perspective buyers, explaining due diligence materials to the buyers and numerous other forms of assistance that lead to a successful , and very profitable, sale in January 2014.
In May of 2005, Eric Kramer and several partners acquired land in Lake Havasu, Arizona. They then entitled, developed and constructed a 149 unit storage facility to primarily serve the recreational vehicle community with units for boats, recreational vehicle and other storage needs. When developed the partners put a condo map on the storage facility so that units could be sold individually. Although there was not significant demand to purchase the storage units individually as condos, there has been significant and continued demand to rent the units creating a stable income stream.
The partners were quickly able to achieve high occupancy and stable rental income from the project. Eric Kramer and the original partners continue to enjoy ownership of this asset and the rental income it continues to produces.
Glencrest is an 18 unit apartment building in Anaheim, California. Eric Kramer purchased Glencrest with a group of investors in April of 2012. Eric Kramer is the Managing Member of the LLC that owns Glencrest and Structure PMG provides property management services. After a successful repositioning of the asset, which included addressing deferred maintenance, a series of value add capital improvements and increases to the income, we refinanced the property in May 2014. The refinance allowed for a substantial distribution to the investors.
After the distribution to the investors of the refinance proceeds combined with previous distributions that were made the investors as of May 2014 had approximately 90% of their April 2012 investment returned to them. The refinance also provide additional future interest rate protection and the ability to increase the overall investor returns.
One of Structure PMG’s first property management assignments was for the Derian Office Building, a 110,000 square foot office building in Irvine, California. This property management assignment was awarded to Structure PMG from Eric Kramer’s previous employer, Essex Property Trust, who is the current owner of the asset. In addition to day to management of this commercial asset, Structure PMG has provided Construction Management Services for a number of capital projects including tenant improvement projects and common area improvements.