LOS ANGELES—Dornin Investment Group has disposed of two multifamily properties and one performing note, GlobeSt.com reports exclusively. The investor is executing a business plan to sell multifamily properties at the current peak market conditions and purchase value-add office properties. It earned $33.5 million from the three sales, which were sold individually to three different private investors.

“On the apartment side, we are at relative peak or close to a peak in terms for the cycle, and we feel like there is more opportunity and upside in the office market. We were able to develop a meaningful return for our investors,” Chris Dornin, president and founder of Dornin Investment Group, tells GlobeSt.com. “Generally speaking, we have been selling our multifamily properties and exchanging them into value-add office properties in Texas and West,” This continues the strategy that we started two years ago. We have seen such significant demand for multifamily at prices that were very attractive to us, and so it made sense to exit.”

The two multifamily properties include the Seabreeze Apartments in Santa Barbara and the Kelsey Residences in Los Angeles. Dornin purchased the 64-unit Seabreeze Apartments as a core-plus investment. “This was a brand new apartment complex with a history of high occupancy,” adds Dornin. “The acquisition was a core-plus investment, and it was really just a cash flow play.” A private investor purchased the property for $10.5 million. Steve Brown, Austin Herlihy and Chris Parker of Radius Group Commercial Real Estate represented Dornin in the transaction.