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December 18, 2018
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Davlyn Investments Buys 125-Unit Inland Empire Residential Community

11/26/18

Davlyn Investments paid $34.8 mil for The Summit, a 125-unit ($278.4k/unit) multifamily property in Chino Hills. The upscale, Class A community represents Davlynís tenth acquisition in the Inland Empire.

Constructed in 1990, The Summit is located at 2400 Ridgeview Dr, with immediate access to Chino Hills Pkwy, Carbon Canyon and Grand Ave, in an affluent pocket thatís situated between the Los Angeles, Orange County and Inland Empire employment markets. The property offers detached garages, central heating and air conditioning and in-unit washers and dryers.

Sean Deasy and Ryan Fitzpatrick with HFF represented the seller, Essex Property Trust. Ryan Blair with City National Bank arranged financing.

According to Aaron Pacillio, Chief Investment Officer of Davlyn, the firm plans to make capital improvements such as modernizing unit finishes and expanding the common area amenity offering. These upgrades are expected to provide residents with a living environment on par with brand new, Class A, luxury offerings, at a much more reasonable price.




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