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May 24, 2022
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Davlyn Investments Picks Up Phoenix Multifamily Community for $112 Mil


Davlyn Investments recently acquired The Boulevard a 294-unit, luxury, multi-family community in Phoenix, for $112.5 mil ($382.6k/unit). The property, which will be re-branded “Boulders at Lookout Mountain,” was constructed in 1994 and marks Davlyn’s third acquisition in Arizona.

Boulders at Lookout Mountain features such amenities as central heating and air conditioning, in-unit laundry, wood-burning fireplaces, walk-in closets with built-in shelving, arid landscaping, plentiful parking, and an expansive community amenity package. It consists of low-density, two-story construction situated on 16.7 acres. The property is walkable to several major retailers, grocers, restaurants, and an adjacent greenway walking path. More recreational trails are located nearby at Lookout and Shadow Mountains.

Boulders at Lookout Mountain’s benefits greatly from access to the Deer Valley and I-17 employment corridors. Notable among firms expanding into North Phoenix, is Taiwan Semiconductor Manufacturing Company, which recently began constructing a $12.0 bil chip fabrication plant.

“Due to increasing business and living costs in most western markets, Phoenix attracts an upwardly mobile population that gravitates toward markets that offer a high-quality, affordable lifestyle,” noted Jon Williams, CEO of Davlyn Investments. “In addition, its income growth of 44.2% since 2010 compares very favorably against all other high-growth western markets.”

Steve Gebing and Cliff David with IPA represented the Seller. Eric Flyckt of Northmarq Capital arranged acquisition financing, which was provided by New York Life.

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