The sale delivered a 20% net return to investors, exceeding expectations.
Published by: Newswire
LOS ANGELES, October 16, 2019 (Newswire.com) - Dunleer, a Los Angeles-based private real estate investment and development firm, today announced an early exit on an investment in the Hollywood submarket of Los Angeles. The Centro Apartments are located in an Opportunity Zone and ultimately appealed to an Opportunity Zone buyer who acquired the asset. The sale delivered a 20% net return to investors, exceeding expectations.
Dunleer acquired the Centro Apartments in Hollywood, CA in November 2018. Dunleer founder and CEO, BJ Turner, described this transaction as a “quintessential Dunleer investment.” He went on to say “Our team identified an under-valued real estate asset within walking distance to Paramount Studios and a new 100,000+ sf Netflix campus that showcased a 91 walk score – all in an Opportunity Zone. Furthermore, Dunleer was able to deliver outsized performance without absorbing construction risk, which provided significant downside protection but outperformed underwritten returns.”
Dunleer’s BJ Turner marked the transaction as a notable highlight: “Just over four years ago, Dunleer was founded on a simple idea – to build a highly localized real estate investing model in high barrier-to-entry infill markets that offered outsized returns. While we continue to evolve, our investor centric concept has been proven as we have now returned approximately $40 million in capital to our investors. I am grateful to our operating, construction, brokerage and financing partners who have helped us build a truly unique platform, and grateful to our investments team who bring extensive experience to our company. I am most grateful for and excited by what we have created together – excellent community outcomes and great returns for our diverse range of investors.”