Glencrest
Glencrest Apartments
- City: Anaheim
- Property Size: 18 Units
- Purchased: April 2012
- Cash Flow Distributions Began: June 2012
- Refinanced: August 2015 - Cash Out refinance paying investors back over 90% of their investment
- Sold: August 2015
- Investor IRR: 27.60%
- Investor Multiple: 2.56
Before
After
Background
Services & Improvements
Results
As of May 2014, investors had approximately 90% of their April 2012 investment returned to them from distributions. The refinance also provided additional future interest rate protection and the ability to increase the overall investor returns.
In August 2015, we sold Glencrest. Our execution of the business plan for this property allowed our investors to achieve a 27.60% IRR (net to the investors). The IRR is the equivalent annual return of the investment over its holding period and includes all distributions and sales proceeds. A 27.60% IRR means that for each year of the entire investment holding period — in this case from April 2012 to August 2015 — the investors received the equivalent of a 27.60% return each year.
Glencrest achieved a 2.56 multiple for the investors, meaning that for each dollar ($1) invested, they received $2.56 back. With the proceeds from the sale of Glencrest, we successfully completed a 1031 Exchange into our 46 units in Oceanside.