Case Study


flower street apartment building Structure PMG

Flower Street Apartments

317 Flower St.,
Santa Ana, CA

  • City: Santa Ana
  • Property Size: 20 Units
  • Purchased: September 2012
  • Purchase Price: $2,025,833
  • Capital Improvement Budget: $70,000
  • Cash Flow Distribution Began: February 2013
  • Sold: January 2015
  • Investor IRR: 19.69%
  • Investor Multiple: 1.53




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.


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.