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
After
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.