Case Study

Flower

Flower Street Apartments

317 Flower St.,
Santa Ana, CA

  • City: Santa Ana
  • Property Size: 20 Units
  • Purchased: September 2012
  • Cash Flow Distribution Began: February 2013
  • Sold: January 2015
  • Investor IRR: 19.69%
  • Investor Multiple: 1.53

Before

flower street apartment building Structure PMG
flower street apartment building Structure PMG
flower street apartment building Structure PMG

After

flower street apartment building Structure PMG
interior flower street apartment Structure PMG
flower street apartment interior Structure PMG
flower street apartment building Structure PMG
flower street apartment building Structure PMG
interior flower street apartment Structure PMG

Background

Flower is a 20-unit apartment building in Santa Ana, California. Eric Kramer purchased Flower with a group of investors in September 2012. Capital Source provided the acquisition financing. Structure PMG was hired to provide property management services.

Services & Improvements

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 sold Flower in January 2015.

Results

Through the sale and other distributions we were able to achieve a 19.69% IRR for the investors. With the sales proceeds from Flower, we successfully completed a 1031 Exchange into our Villa Grande property, 46 units in Buena Park.

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