“We have always viewed Los Angeles with its growing tech and media industries, high quality of life and strong population growth as a continued expansion market for our property portfolios." - BJ Turner, Dunleer
Published by: Newswire
LOS ANGELES, April 2, 2019 (Newswire.com) - Dunleer LLC., a Los Angeles-based private real estate investment and development firm, announced the refinancing of four (4) assets via Freddie Mac totaling $14,750,000. This four-building portfolio is located across prime Los Angeles’ premier submarkets: Silver Lake, USC and Koreatown.
BJ Turner, founder of Dunleer, said, “We have always viewed Los Angeles with its growing tech and media industries, high quality of life and strong population growth as a continued expansion market for our property portfolios. We view Silver Lake, Koreatown and the continued expansion of USC as some of the city’s preeminent multifamily locations. This portfolio refinance allows us to be long-term owners in key Los Angeles submarkets and to provide a compelling and engaging apartment offering to our valued tenants.”
"The portfolio refinance brought closure to our stabilized business plan. We had the opportunity to create substantial value through Dunleer’s tailored repositioning and leasing strategy. These improvements will help to sustain the property over the long term and offer a higher-quality living experience for tenants. We are thrilled to once again partner with Freddie Mac on financing as we launch this exciting next phase of our company’s growth in these fantastic submarkets.”
Dunleer views the properties as opportunities to potentially offer tenants a curated, boutique Los Angeles living experience in some of the most coveted submarkets in the region. Furthermore, there is a limited pipeline of competing multifamily properties and a high barrier to entry for new multifamily development. Newly planned and proposed developments are experiencing cumbersome government approval processes, lack of developable land and increased construction costs, which all culminate in new development projects.
Long-term Los Angeles ownership is of heightened importance given the major infrastructure projects in the pipeline such as the extension of the Metro lines, expansion of the convention center, continued Port investment and preparation for the Super Bowl, FIFA World Cup and 2028 Summer Olympics.