Case Study

Minnie

Minnie Street Apartments

1434-1438 S. Minnie St.,
Santa Ana, CA

  • City: Santa Ana
  • Property Size: 20 Units
  • Purchased: February 2013
  • Cash Flow Distribution Began: July 2013
  • Sold: April 2016
  • Investor IRR: 29.47%
  • Investor Multiple: 2.21

Before

minnie street apartment building Structure PMG
minnie street apartment interior Structure PMG
minnie street apartment building Structure PMG
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After

minnie street apartment building Structure PMG
minnie street apartment building Structure PMG
minnie street apartment building Structure PMG
minnie street apartment building Structure PMG
minnie street apartment building Structure PMG
minnie street apartment building Structure PMG
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Background

Minnie is a 20-unit apartment building in Santa Ana, California. Eric Kramer purchased Minnie with a group of investors in February 2013. Chase 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 Minnie in April 2016.

Results

Through the sale and other distributions we were able to achieve a 29.47% IRR for the investors.

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