Case Study
Flower
Flower Street Apartments
317 Flower St.,
Santa Ana, CA
- City: Santa Ana
- Property Size: 20 Units
- Purchased: September 2012
- Cash Flow Distribution Began: February 2013
- Sold: January 2015
- Investor IRR: 19.69%
- Investor Multiple: 1.53
Background
Flower is a 20-unit apartment building in Santa Ana, California. Eric Kramer purchased Flower with a group of investors in September 2012. Capital Source 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 Flower in January 2015.
Results
Through the sale and other distributions we were able to achieve a 19.69% IRR for the investors. With the sales proceeds from Flower, we successfully completed a 1031 Exchange into our Villa Grande property, 46 units in Buena Park.