Dornin Investment Group Acquires Royal Oaks Senior Apartments
- Apr 06, 2012
Dornin Investment Group has purchased Royal Oaks Senior Apartments, a garden-style apartment community located in San Marcos, according to rentv.com.
The 122-unit complex was built in 2003 and is operated as an age-restricted community for residents 55 and older. Slated as an affordable housing project, 10 percent of the units are dedicated to those earning 50 percent of the area median income, with rent levels set by the city of San Marcos. Amenities include a pool, game area, bistro, library and gated entrance.
Dornin Investment Group teamed up with Berkeley Point Capital to provide the funding for the purchase, through a fixed-rate, 10-year Fannie Mae execution for $12.44 million.
President of Dornin Investment Group, Chris Dornin, said the mild climate and good access to shopping and other conveniences make North San Diego County a favorable location for the targeted demographic. This purchase will be the seventh acquisition for the company in the past nine months. Its investment strategy is to capitalize on distressed multifamily opportunities in Southern California.
In other local news, Lyon Communities has announced the opening of a new, gated apartment community in Escondido. Latitude33 will feature one- to two-bedroom apartments, two- to three-bedroom townhomes and various resort-style amenities.
The new luxury gated community is in close proximity to the California Cultural Center for the Arts, the Grand Avenue street scene and nearby employment centers. Monthly rents will start in the low $1,900s for the townhomes, which range in size from 936 to 2,057 square feet, and from the mid $1,400s for mid-rise apartments.
Newport Beach, Calif.-based Lyon Communities is a real estate development and investment company established in 1988. Over the years the company has purchased over 21,000 units and it has a market capitalization of $2 billion. It has also managed the development and renovation of 12,500 units.
Illustration Courtesy of: www.lyonlatitude33.com