The California Investment Fund (CIF), a San Diego-based real estate company, has agreed to acquire Dynex Capital Inc. for $90 million in cash. The purchase price represents a 100% purchase in the equity of Dynex, a Glen Allen, Va.-based mortgage lending institution.

CIF currently owns 5%, or 572,178 shares, of Dynex common stock. CIF is a subsidiary of San Diego-based First Commercial Corp., a private real estate company that focuses on the acquisition of whole loans and whole-loan portfolios.