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Neuberger Berman Group LLC 1290 Avenue of the Americas New York, NY 10104
For Immediate Release
February 28, 2022 – San Diego, CA – Davlyn Investments, a vertically-integrated owner and operator of multifamily communities, and Almanac Realty Investors, the private real estate investment arm of Neuberger Berman (“Almanac”), announced the formation of DA InvestCo (“Davlyn”), a company dedicated to the acquisition, redevelopment, repositioning and management of multifamily assets in the Western US. Almanac’s commitment of up to $350 million in client funds will provide capitalization that will allow Davlyn to further its growth strategy and scale operations.
Headquartered in San Diego, Davlyn has a 30-year track record of owning and managing apartment communities throughout California. Under the leadership of Jon Williams and Paul Kerr, Davlyn has acquired over 7,500 multifamily units, at a total cost exceeding $1.3 billion. In addition, a tenured and talented executive team has been instrumental in producing attractive results for its partners.
Since forming its partnership with Almanac, Davlyn has closed on the acquisition of four properties totaling nearly 1,200 units with an aggregate capitalization over $420 million. A leader in the California multifamily market, Davlyn has now expanded into the Phoenix and Las Vegas markets as well, and will continue to target opportunities in these markets to strengthen and grow its portfolio.
“Almanac’s capital platform and our expertise in multifamily acquisitions and operations will propel our firm through its next growth phase and beyond. Through our partnership with Almanac, we expect to grow our portfolio over the next few years by over $1.5 billion, so we are very excited to partner with this like-minded, entrepreneurial team in this new venture,” said Jon Williams, Davlyn CEO.
“We are pleased to establish this partnership to support and enhance the growth opportunities for Davlyn,” said Andrew Silberstein, Head of Private Markets at Almanac. “The Davlyn team has a long standing track record of creating value for investors and we believe the prospects for growth within both their current and target expansion markets are substantial.”
About Almanac Realty Investors
Almanac Realty Investors, a business unit of Neuberger Berman, is a leading provider of growth capital to public and private real estate companies. Originally founded in 1981 under the name Rothschild Realty, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market to accelerate company growth and has committed more than $6.8 billion in capital to 49 real estate companies, both public and private, throughout North America. For more information, visit www.almanacrealty.com.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman’s diverse team has over 2,400 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $460 billion in client assets as of December 31, 2021. For more information, please visit our website at www.nb.com.
About Davlyn Investments
Davlyn Investments is a vertically integrated real estate investment company focused on the ownership and management of apartment communities throughout California, Phoenix, Arizona and Las Vegas, Nevada. With nearly 30 years of operating experience, Davlyn Investments has developed an unmatched attention to detail and the highest level of service for its residents. Davlyn Investments seeks to create value by acquiring and improving highly desirable communities, located in well-established locations.
The year 2020 represents the first year that asset managers became eligible for PRI Leader designation, which formerly included asset owners only. The new designation was awarded to only 20 of the 2100+ investment manager PRI signatories. The Leaders’ Group showcases signatories at the cutting edge of responsible investment, and highlights trends in what they are doing. PRI uses signatories’ reporting responses and assessment data to identify those that are doing excellent work in responsible investment – across their organizations and with a focus on a given theme each year. The 2020 theme is climate reporting. Information about PRI Leader is sourced entirely from PRI and Neuberger Berman makes no representations, warranties or opinions based on that information.
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Media Contacts:
Alex Samuelson, Neuberger Berman, 212 476 5392, [email protected]