LOS ANGELES, Aug. 13, 2014 /PRNewswire/ -- DLJ Real Estate Capital Partners, LLC ("DLJ RECP"), a leading real estate investment firm, announced the acquisition of the Thornton Lofts, a prime oceanfront rental property located in Venice Beach, California. The property, which contains live/work and retail space, was acquired in an off market transaction and adds another high quality asset to the firm's growing West Coast portfolio of premier real estate assets.
"With its top-quality design and construction, thriving community and highly sought-after Silicon Beach location, Thornton Lofts represents everything we seek in a new acquisition," said Andrew Rifkin, Managing Partner of DLJ RECP. "Not only does it expand our established footprint in Venice and the greater Los Angeles area, it is also aligned with our strategic goal to invest in dynamic urban communities where people want to both live and work."
The transaction includes the purchase of the two building Thornton Lofts complex, located at 619 and 701 Ocean Front Walk, which were completed in 2008. The live/work units provide high quality open loft style space and offer both balconies and rooftop decks with unobstructed ocean views. With direct beach access, double height ceilings, high-end finishes, and ample parking, Thornton Lofts will be attractive to tenants looking to locate to the very popular Silicon Beach submarket. The acquisition builds on DLJ RECP's success at nearby 901 Abbott Kinney Boulevard.
ABOUT DLJ REAL ESTATE CAPITAL PARTNERS, LLC.
DLJ Real Estate Capital Partners, LLC ("DLJ RECP") is a leading real estate investment firm focusing on high quality assets in dynamic urban markets. DLJ RECP was founded in 1995 and has offices in New York, Los Angeles, and Hong Kong. DLJ RECP manages a series of real estate private equity funds with total capital commitments in excess of $4 billion. The DLJ RECP funds have acquired 180 investments representing approximately $15 billion in gross transaction value. DLJ RECP implements a hands on, opportunistic investment approach, which includes the acquisition and development of housing, office, retail, hospitality, and industrial properties in major urban markets.
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SOURCE DLJ Real Estate Capital Partners, LLC