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Davlyn Investments, a California-based multi-family investment firm, recently closed escrow on the $77,000,000 purchase of Sonata, a 312-unit, Class A, multi-family community in North Las Vegas that was constructed in 2009. This marks Davlyn’s first acquisition in Las Vegas. Debt was arranged through Eric Flyckt of Northmarq Capital.
Aaron Pacillio, Davlyn’s Chief Investment Officer, described the investment as follows, “Sonata presented an opportunity to acquire off-market, directly from the seller, a recent-vintage, multi-family asset in a very strong submarket."
Jon Williams, CEO of Davlyn Investments, stated, “Due to increasing business and living costs in other western markets, North Las Vegas, along with the greater 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 19.9% population growth since 2010 exemplifies this fact. In addition, largely due to a lack of new construction in the submarket, we expect a supply imbalance in North Las Vegas for the foreseeable future. Accordingly, this acquisition is consistent with our long-term investment strategy to acquire well-located, quality apartment communities throughout the Las Vegas Valley.”
Source: Davlyn Investments
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