Dornin Investment Group (“DIG”) has acquired the Sunrise Springs Apartments, a 192-unit class B value add garden-style community that is located on East Twain Avenue in the East submarket of Las Vegas. The property was REO and has been asset managed by CW Capital over the past several years.
“The opportunity to acquire Sunrise Springs was brought to us through a lender relationship and was compelling due to the back story, below market rents, deferred maintenance, upside potential thru value add cosmetic upgrades and ultimately price given the multifamily cap rate compression taking place in Las Vegas.” Andrew Kurzeka, Director of Investments at DIG noted, “We also have boots on the ground in Las Vegas with half our company located there and a significant office building portfolio in Vegas which helped make this an easy acquisition.”
The property is located on 8.44 acres and is considered the best property in the submarket. Occupancy at acquisition was 97%. The complex is in the process of undergoing a base building and unit interior renovation program. Several amenities, the parking lot, and 152 unit interiors have been upgraded over the past few years.
DIG will continue the interior and exterior capital improvement program. The business plan includes renovating the remaining 40 units and improving the property’s curb appeal by painting the exterior of each building, upgrading the landscaping, club house, gym and two pool areas.
The purchase was financed with a 10-year fixed rate Fannie Mae loan through Darrin Stovall of Berkeley Point Capital. “It’s great to get another deal done with Chris (Dornin) of Dornin Investment Group” said Stovall, Managing Director of Berkeley Point Capital. “Bringing Chris this opportunity and financing it for him is a perfect example of how deep our relationship has been throughout the years between our two companies. I look forward to financing many deals with Chris and his team for years to come.”
ARA Newmark represented the seller in the transaction and DIG represented itself. DIG has selected CompassRock to continue managing the community.
DIG continues to seek well located value add multifamily, office, flex and industrial acquisition opportunities and is currently targeting investments in Las Vegas, Southern California, Denver, Phoenix, Houston and San Antonio.
About Dornin Investment Group
Dornin Investment Group is a real estate investment and asset management firm that invests in commercial and residential real estate in partnership with a broad base of institutional and private investors. The firm specializes in distressed, opportunistic, and value-add real estate investments in all major property types with a focus on office, flex, industrial, multifamily and hospitality properties. The company offers a full service investment platform providing property management, leasing, construction management, and finance through its wholly owned affiliate Dornin Realty Advisors (“DRA”). For more information, visit www.dorningroup.com.