“The West LA Collection, as an investment, is the epitome of Dunleer’s ability to source high quality real estate in one of the most sought-after submarkets in the country and effectively implement complex value-add strategies,” said BJ Turner, CEO and founder of Dunleer LLC.
Published by: Newswire
LOS ANGELES, September 25, 2018 (Newswire.com) – Dunleer, LLC., a Los Angeles based private real estate investment and development firm, announced the sale of their West LA Collection Apartments, achieving a 29% Net to Investor IRR and 1.36x equity multiple in less than twenty months. This two building portfolio, sold to two separate buyers, was located in one of Los Angeles’s premier submarkets, just west of the 405 Freeway and adjacent to Silicon Beach employment district.
“The West LA Collection, as an investment, is the epitome of Dunleer’s ability to source high quality real estate in one of the most sought-after submarkets in the country and effectively implement complex value-add strategies,” said BJ Turner, CEO and founder of Dunleer LLC.
“Demand in this area is highly competitive and with a tactical renovation and leasing strategy, Dunleer was able to fully stabilize one of the assets and sell the other with the ability to add further value at the buyer’s discretion.”
Dunleer viewed the properties as assets that would offer tenants a curated, boutique West LA living experience in one of the most coveted submarkets in the region with the right repositioning plan.
The West LA Collection is located within the charming and highly desirable West Los Angeles beach communities, which have a warm coastal climate averaging 310 days of sunshine per year and truly embodying the Southern California dream lifestyle. A limited pipeline of competing multifamily properties and a high barrier to entry for new multifamily development, makes West Los Angeles an extremely tight market in this sector.
Newly planned and proposed developments are experiencing cumbersome government approval processes, a lack of developable land and increased construction costs, which all culminate in limited new development projects.
Major technology companies in the area include Google, Yahoo!, YouTube, SnapChat, Facebook, Twitter, Buzzfeed, AOL, Electronic Arts, Amazon Studios and Tesla. Its proximity to the entertainment industry separates Silicon Beach from Silicon Valley. The properties also have quick access to Los Angeles International Airport (LAX) and are a short distance to the I-405, giving quick access to the entire Westside.
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