Davlyn Investments, a prominent California-based, multifamily investment firm, recently closed escrow on the $65,500,000 purchase of Rancho Destino a 184-unit, luxury, multifamily community in Las Vegas, Nevada. The property, which has been re-branded Aviara, was constructed in 1998 and marks Davlyn’s second acquisition in Nevada. The CBRE team of Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit represented the Seller. Debt was provided by Torrey Pines Bank.
Aaron Pacillio, Chief Investment Officer of Davlyn Investments, described the investment as follows, “Aviara presented an opportunity to acquire a high-quality asset in a submarket with strong economic fundamentals. The property offers desirable attributes, such as central heating and air conditioning, in-unit laundry, vaulted ceilings, fireplaces, arid landscaping, plentiful parking, and an expansive community amenity package. It features low density, two-story construction situated on 9.1 acres. Further, the property is near several major retailers, restaurants, and the Southwest Valley’s Desert Breeze Park. Scenic recreational trails are located nearby at Las Vegas’s famous Red Rock Canyon.” Aaron added, “This exceptional foundation, coupled with our renovation plan, will ultimately allow us to provide one of the best apartment experiences in the Southwest Valley.”
Jon Williams, CEO of Davlyn Investments, stated, “Due to increasing business and living costs in other western markets, the Las Vegas MSA has benefited from natural migration towards markets that offer high-quality lifestyles that are more affordable than those found on the West Coast. Its nearly 20 percent population growth since 2010 and double-digit Year-Over-Year rent growth exemplify this fact. Bolstered by developments currently underway, notably the transformation of “The Curve” a few miles south on Durango Road, the Southwest Valley should enjoy elevated apartment demand 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.”
Aviara follows Davlyn’s recent acquisitions in the Phoenix and Las Vegas metropolitan areas, bringing Davlyn’s total acquisition activity over the past six months to nearly $370 million across four 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 $1.8 billion in real estate assets. The company is headed by Jon Williams and Paul Kerr.