Dunleer, a Los Angeles-based private real estate investment and development firm, announced the $12.18 million portfolio sale of three apartment properties in Los Angeles. The properties total 32 units and were sold to a private, Southern California-based investment group.
Dunleer acquired the assets between 2014 and 2017 and immediately embarked on an improvement program, totaling in excess of $2 million. The strategic renovations included common area enhancements as well as a full remodel to unit interiors including the installation of all new quartz countertops, stainless steel kitchen appliances, in-unit washer/dryers, and new flooring, among other upgrades.
“Dunleer is committed to creating quality urban living spaces to attract renters as well as generate value for our investors,” said BJ Turner, Founder of Dunleer. “Our team is currently seeking out and analyzing future value-add real estate opportunities in Southern California that can provide exceptional risk-adjusted returns.”
Following are details on each of the sold three properties:
Pepper Tree Ranch, a 20-unit property located at 4959 Romaine Street in the east Hollywood submarket of Los Angeles, was sold for $7.35 million. In addition a to a full remodel, Dunleer commissioned an art installation at the entrance of the property by Punkmetender, a well-known LA street artist.
Casa Arroyo, an eight-unit property located 368 N Avenue 57 in Highland Park, was sold for $3.05 million. Casa Arroyo is just steps away from Figueroa St., Highland Park’s vibrant main street which offers with an eclectic array of choices featuring coffee shops, boutiques, bars and restaurants. The Avenue 57 Metro stop is about two blocks away as well, offering quick Gold Line access to downtown Los Angeles and Pasadena.
Mountain View, a four-unit property located at 132 Mountain View Avenue in Echo Park, was sold for $1.78 million. This property boasts quick access to downtown Los Angeles, Hollywood and nearby parks and amenities such as Echo Park Lake.