Case Study

Flower

flower street apartment building Structure PMG

Flower Street Apartments

317 Flower St.,
Santa Ana, CA

Before

After

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.