Case Study

Magnolia

Magnolia apartment building Structure PMG

Cantamar Apartments

131 S. Magnolia Ave.,
Anaheim, CA

  • City: Anaheim
  • Property Size: 24 Units
  • Purchased: July 2014
  • Purchase Price: $3,925,000
  • Capital Improvement Budget: $320,000
  • Cash Flow Distribution Began: October 2014
  • Sold: October 2017
  • Investor IRR: 26.32%
  • Investor Multiple: 2.12

Background

Magnolia is a 24-unit apartment building in Anaheim, California. Eric Kramer purchased Magnolia with a group of investors in July 2014. Independence Bank, which was subsequently acquired by Pacific Premier Bank, 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 Magnolia in October 2017.

Results

Through the sale and other distributions we were able to achieve a 26.32% IRR for the investors.