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November 29, 2022
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Davlyn Investments Buys 312-Unit Res Property in North Las Vegas

1/26/22

Davlyn Investments recently acquired Sonata, a 312-unit, Class A, multi-family community in North Las Vegas, in a $77 mil transaction that works out to $247k/unit. Built in 2009, the property is located at 4201 E Craig Rd, just east of I-15.

According to Aaron Pacillio, Davlyn’s Chief Investment Officer, Sonata presented an opportunity to acquire a recent-vintage, multifamily asset in a very strong submarket. In addition to the amenity package one would expect at a newer community, the property features unit offerings that distinguish it in the submarket, such as open floor plans, expansive kitchen islands and bay windows. It has a great unit mix and offers large unit sizes, averaging 904 sf.

This marks Davlyn’s first acquisition in Las Vegas. Acquisition financing for the purchase was arranged through Eric Flyckt of Northmarq Capital.

“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,” noted Jon Williams, CEO of Davlyn Investments. “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. Finally, Sonata is accessible to the region’s primary employment corridors through its proximity to I-15 and its location on Craig Road, the north valley’s primary east-west corridor.”





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