San Diego, Calif. – Davlyn Investments, a prominent California multi-family and commercial property investment firm, recently closed escrow on the $32,000,000 purchase of a 208-unit, luxury, class A, multi-family community in Riverside, California.
Constructed in 1998 and currently known as View Pointe, the community will be extensively renovated and rebranded, The Hills at Quail Run. The Hendricks Berkadia team of Dean Zander, Vince Norris & Spencer Scott represented buyer and seller. Loan assumption services were provided by M&T Bank.
According to Aaron Pacillio, Davlyn’s Director of Acquisitions, “This property acts as a bookend to our 2012 purchase of Estancia, another 208-unit, Class-A, project in the nearby Mission Grove area of Riverside, California. In addition to these two deals, Davlyn owns another 830 units located nearby, so we have a great deal of operational insight into the Inland Empire apartment market.”
Jon D. Williams, CEO of the firm, elaborated on Davlyn’s thinking, “Like Estancia, this deal allows us to invest new capital into a Class-A assets in regions where many major institutions don’t currently compete on a wide scale. Therefore, we’re able to achieve excellent cash-on-cash returns from core-quality assets located in regions just beginning to recover from the recent recession. Our theory has been that the institutions will come back at some point in the future because, with over Three Million people, the Inland Empire is just too large an economic environment to ignore. These dynamics should allow us to provide strong, stable returns to our investors over the long term.”
This acquisition marks Davlyn’s 2nd in very quick succession. The firm also closed on a 68,000 s.f. commercial office building in San Diego earlier this month.
Davlyn Investments, Inc. is a San Diego-based owner/operator of apartment communities, condominium conversion projects and office buildings throughout California. Since its founding, the firm has acquired in excess of $900,000,000 in real estate assets. The company is headed by Jon Williams and Paul Kerr.