San Diego, CA – Davlyn Investments, a prominent, California-based, multi-family investment firm, recently closed escrow on the $67,000,000 purchase of “Spectrum,” a 252-unit, luxury, multi-family community in Las Vegas, Nevada. The property, which has been re-branded “The Michael B Townhomes and Flats,” was constructed in 2010 and marks Davlyn’s third acquisition in Nevada. Taylor Sims and Brady Cleary of Cushman & Wakefield represented the Seller. Debt was arranged through Mitch Clarfield and Meghan Varga with Newmark.
Aaron Pacillio, Chief Investment Officer of Davlyn Investments, described the investment as follows, “The Michael B Townhomes and Flats presents an opportunity to acquire an institutional-quality asset in southwest Las Vegas’s “The Curve” neighborhood. Over the last few years, The Curve has emerged as one of the valley’s most dynamic areas, exemplified by the Durango Station Resort and Casino, and mixed-use developments such as UnCommons, The Bend and Gramercy.” Aaron added, “Along with the interior appointments and community amenities one expects with a newer community, the property features a very desirable unit mix consisting of over forty percent two-bedroom townhomes.”
Jon Williams, CEO of Davlyn Investments, stated, “Due to increasing living costs and high tax rates in other western markets, Las Vegas continues to benefit from net in-migration, while offering its residents a vast employment market, high quality of life, and no state income tax. Its nearly 20% population growth since 2010 speaks to the desirability of area. Bolstered by developments currently underway, resulting in the complete transformation of “The Curve,” the southwest valley should enjoy elevated prominence for years to come. Accordingly, this acquisition is consistent with our long-term investment strategy to acquire well-located, quality apartment communities in compelling markets throughout the West.”
Purchase of “The Michael B Townhomes and Flats” follows recent acquisitions in the Phoenix and Las Vegas metropolitan areas, bringing Davlyn’s total acquisition activity over the past eighteen months to over $465 million across five acquisitions. Davlyn Investments is a San Diego-based owner/operator of apartment communities throughout California, Arizona and Nevada. Since its founding in 1993, the firm has acquired over $1.9 billion in real estate assets. The company is headed by Jon Williams and Paul Kerr.
For further information, please contact:
Aaron L. Pacillio, Chief Investment Officer
Email: [email protected]