Dornin Investment Group (“DIG”) completes the portfolio sale of 101 units located at 720 South Normandie Avenue and 709 South Mariposa Avenue in Los Angeles, CA for $12,450,000 to a local investment group. DIG purchased the property almost three years ago in late 2011. The two properties have a combined 101 units, and feature studios, one- and two-bedroom floor plans. Property amenities include a modern fitness center, laundry facilities, courtyards and parking lots.
The property sold via a Fannie Mae loan assumption originated and serviced by Berkeley Point Capital (“BPC”). “The team at BPC is first rate and they made what is normally a very difficult and long process with loan assumptions fast, smooth and painless. One of the major reasons we financed this property with Berkeley when we acquired it is because they service the loans and provide exceptional customer service” said Chris Dornin.
Chris Dornin, president of Dornin Investment Group, says “We saw an opportunity well in advance of our original business plan to create some significant returns in a short period for our investors. The multifamily market has experienced meaningful cap rate compression since our original acquisition as well as an increased demand for the Los Angeles market and so it made a lot of sense to exit.”
About Dornin Investment Group
Dornin Investment Group (“DIG”) 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