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October 18, 2019
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TEXAS/SOUTHWEST NEWS
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Dornin Investment Group Closes Purchase of 192 Res Units in Las Vegas

7/25/17

Dornin Investment Group has acquired Sunrise Springs Apartments, a 192-unit, Class B apartment community in Las Vegas, for $15.6 mil, or $81.3k/unit. The property, viewed as a value-add opportunity, is located at 4455 East Twain Ave, in the city’s East submarket.

The property, an REO Buy, has been asset managed by CW Capital over the past several years. Occupancy at the time of acquisition was 97%.

Sunrise Springs Apartments sits on 8.44 acres and is in the process of undergoing a base building and unit interior renovation program. Several amenities, the parking lot, and 152 unit interiors have already been upgraded over the past few years.

Dornin will continue the interior and exterior capital improvement program. The business plan includes renovating the remaining 40 units and improving the property’s curb appeal by painting the exterior of each building, upgrading the landscaping, club house, gym and two pool areas.

“The opportunity to acquire Sunrise Springs was brought to us through a lender relationship and was compelling due to the back story, below market rents, deferred maintenance, upside potential thru value add cosmetic upgrades and, ultimately, price, given the multifamily cap rate compression taking place in Las Vegas,” noted Andrew Kurzeka, Director of Investments at Dornin.

ARA Newmark represented the seller in the transaction, while Dornin represented itself. The purchase was financed with a 10-year fixed rate Fannie Mae loan through Darrin Stovall of Berkeley Point Capital. CompassRock will continue managing the community.







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