Case Study


Glencrest Apartments

1800 W. Glencrest Ave., Anaheim, CA




Glencrest is an 18 unit apartment building in Anaheim, California. Eric Kramer purchased Glencrest with a group of investors in April of 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 refinanced the property in May 2014 with Opus Bank. The refinance allowed for a substantial distribution to the investors.


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.