Case Study

Vine

Vine Fullerton Apartment building Structure PMG

Vine Fullerton Apartments

1320-1351 S. Vine Ave.,
Fullerton, CA

  • City: Fullerton
  • Property Size: 98 Units
  • Purchased: October 2013
  • Purchase Price: $12,310,030
  • Capital Improvement Budget: $617,000
  • Cash Flow Distribution Began: March 2014
  • Refinanced: January 2017

Background

Vine is a 98-unit apartment building in Fullerton, California. Eric Kramer purchased Vine with a group of investors in October 2013. 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 refinanced Vine in January 2017 with First Foundation Bank.

Results

This refinance allowed us to make a substantial distribution and return of invested capital to Vine’s investors. Vine continues to produce strong regular distributions to its investors.