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Davlyn Investments Picks Up 88-Unit Res Asset in Simi Valley in $24 Mil Deal

11/16/17

In Simi Valley, Davlyn Investments bought Colony, an 88-unit, luxury, Class A multi-family community, in a $24.25 mil ($275.5k/unit) transaction. Colony will be rebranded “1750 on First” by the new ownership.

Davlyn views the 31-year old property, sold by an unnamed family investor, as a value-add opportunity. While the property’s interior, exterior and grounds have been maintained, the asset has never been renovated and is in its original condition from 1986.

Davlyn plans to upgrade the interiors, enhance staffing and marketing, and provide a level of service similar to the Class A, luxury assets in the immediate area. The firm’s research indicates there is rental upside in doing so.

Vince Norris of Berkadia represented the buyer in the transaction. Acquisition financing was provided by City National Bank, represented by Ryan Blair.

Based out of San Diego, Davlyn Investments is an owner/operator of apartment communities and office buildings throughout California. Since its founding, the firm has acquired in excess of $1.2 billion in real estate assets. The company is headed by Jon Williams and Paul Kerr.





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