LAS VEGAS, NV - Dornin Investment Group (“DIG”) announces the sale its equity interest in Sunrise Springs Apartments to an equity partner. DIG completed its business plan in just 18 months following a remodel of the clubhouse, office, indoor pool, sauna, gym, model unit, and apartment unit interiors.
The repositioning of Sunrise Springs Apartments resulted in DIG achieving a project level multiple of 2.2x and an IRR over 74%.
Eric Entringer, VP of Capital Markets and Investor Relations noted that “the physical condition of the complex at acquisition and workforce nature of the tenants fit in well with our business model. We were excited to execute this sale before year end and return significant profits to our partners even though we left some upside in unit interior renovations. We were able to exit before the market softened, thereby capturing a pricing premium.”
DIG will continue to improve, lease, and manage assets throughout Las Vegas, and is actively looking at both commercial and residential investment opportunities in Las Vegas.
About Dornin Investment Group: Dornin Investment Group 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