Dan appears in the Top 100
People in Real Estate Magazine
With the cost of housing continuing to rise across the U.S. and the nation’s supply of low-cost rentals continuing to plummet, Dan Norville became determined to help fulfill the immense need for affordable housing in California, Arizona, and Utah. In May 2020, the serial entrepreneur combined his passion for real estate with his 16 years of industry experience to found Vivo Investment Group—a full-service, private real estate investment and management company with a novel answer that is turning around communities—and has investors clamoring to get involved. Based in Torrance, CA, and serving both global investment firms and major investors, Dan and his team specialize in converting low-demand hotels into vibrant efficiency apartment complexes with market-rate pricing as a creative solution for the millions of people who are being forced to spend more than half their monthly income on rent. By turning the decrepit buildings into lively communities filled with young professionals, they’re also transforming local economies and improving neighborhoods by reducing crime, traffic, waste. Just a year after its launch, Vivo has already completed five projects valued at $72 million, with another $130 million of projects in the pipeline, and investors lining up to take part. “We are expecting and have realized in the range of 50% to 100% annualized on our properties,” says Dan. “Our goal is to become the Hilton of residential.”
Dan’s diverse career has encompassed the structuring, financing, acquisition, disposition, leveraged buyout, valuation, and due diligence of more than 40 transactions, which total over $1 billion in completed real estate and M&As. In addition to serving as an investor and developer, he has held a variety of roles in real estate investment banking and private equity. A seasoned entrepreneur, Vivo Investment Group is Dan’s fourth successful venture and his second real estate endeavor—though some would argue that describing Vivo as “successful” would be a tremendous understatement, given its astounding growth. “When I started doing this, I discovered there were many two-story hotels that look like apartments, and they’re functionally obsolete properties, so big hotels have no interest in them. They’re dying on the vine, no one is putting money into them, and they look like garden-style apartments. This was my light bulb moment in starting the company.” he explains.
As soon as Dan launched the company, word among the investor community spread like wildfire, and they’re continuing to join the swelling queue at Vivo’s doors. As the leader of this flourishing firm, Dan has his hands in every aspect of the developments, leveraging his corporate operations and finance experience to lead the entire Vivo team. His myriad responsibilities include raising capital and overseeing underwriting, research, sourcing, business development, and deal negotiation to ensure that all projects align with the company’s vision and mission. “Investors back us, and then we take on the renovation with our in-house construction,” Dan explains. “We do this before we buy anything, so within 30 days of acquisition, we have our crews on site working. This saves our investors tons of time and money and ensures that the quality of the workmanship meets our incredibly high standards.” Vivo is also in control of each project’s budget, schedule, and quality, so everyone involved is motivated, aligned, and accountable.
As a growing number of investors across the country are participating in Vivo’s innovative conversion projects, the owners of these abandoned properties are also reaching to Vivo for help. “More hotel owners are finding themselves in distress, so they’re contacting us to convert their hotels as well,” says Dan. As a result, dilapidated properties that once attracted drugs and prostitution are now upwardly mobile communities comprised of individuals who contribute to the neighborhood and to the local economy. Two shining examples of Vivo’s work include The Bigelow Hotel and Residences and Vivo Mesa.
In 2019, Vivo converted a low-end hotel in Ogden, Utah, into a bright community with 112 apartment units. Complete with a gym, coffee bar, conference room, ping-pong table, and other amenities, The Bigelow’s entire selection of one- bedroom two-bedroom, and studio apartments were built to be both welcoming and luxurious.
Vivo Mesa, the firm’s most recently finished project in Mesa, AZ, is comprised of 132 apartments units with similar amenities. The former Ramada hotel received a multimillion-dollar facelift and now provides flexible studio living to residents who feel right at home. “We have lot of experience in the hotel world,” says Dan, “and we’re taking notes from Hilton and Hyatt, so we can offer the same types of services and amenities with our apartments in a residential setting.” With growing interest among both residents and investors, it’s clear that Vivo is doing it right.
Dan holds a B.S. in accounting and finance from New York University’s Leonard N. Stern School of Business.
CEO and Founder
Vivo Investment Group