Dunleer Sells Vacant Los Angeles Land Assemblage Slated for Apartment Development
LOS ANGELES, November 15, 2018 (Newswire.com) - Dunleer, LLC (“Dunleer”), a Los Angeles-based private real estate investment and development firm, announced the sale of a land assemblage located in the up-and-coming Echo Park submarket in Los Angeles. The parcel included a Letter of Determination from the City of Los Angeles to build 34 apartment units.
Given the proximity to major transit corridor‘s, Dunleer was able to increase the allowable height and density of the project. The developable land is located in one of Los Angeles's premier submarkets, Echo Park, and is only a few minutes driving distance to downtown Los Angeles or Hollywood.
BJ Turner, Founder of Dunleer, said the transaction "was an example of Dunleer providing extraordinary risk-adjusted returns for investors. This trade yielded an unlevered 1.63x multiple net to investors. After we acquired the site in 2015, we were able to accurately forecast the significant demand the Echo Park submarket would soon experience, and we were able to work with the city to provide solutions for an attractive infill development that would add apartment unit count to a region the City of Los Angeles wanted to densify. Furthermore, we were delighted to forecast the inclusion of units reserved for affordable housing, especially given the shortage of affordable housing unit count in the City of Los Angeles."
Newly planned and proposed developments are experiencing cumbersome government approval processes, a lack of developable land and increased construction costs, which all culminate in limited new development projects. "The city of Los Angeles is in dire need of more housing supply and we were happy to help by providing more market rate and affordable units in the wonderful city of Los Angeles,” BJ Turner said. A limited pipeline of competing multifamily properties and a high barrier to entry for new multifamily development makes the Echo Park and Silver Lake submarkets extremely supply constrained, despite continued demand increases.
ABOUT DUNLEER, LLC
Dunleer LLC is a real estate investment and development company that specializes in niche-focused, value-add real estate investing in Southern California. Dunleer offers a differentiated approach to investing through deep industry knowledge, operational expertise, a design-driven philosophy and long-term partnerships.
This press release does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment. This press release, together with other statements and information publicly disseminated by the Company, may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements.
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Source: Dunleer, LLC