Case Study
Vine
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
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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.
