LOS ANGELES, Sept. 25, 2018 /PRNewswire/ -- 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.
ABOUT DUNLEER, LLC
Dunleer LLC is a real estate investment and development company that specializes in niche-focused, value-add real estate investing in Southern California. Dunleer offers a differentiated approach to investing through deep industry knowledge, operational expertise, a design-driven philosophy and long-term partnerships.
This press release does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment. This press release, together with other statements and information publicly disseminated by the Company, may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements.
SOURCE Dunleer, LLC