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5/16/23
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Davlyn Investments closed on the purchase of Spectrum, a 252-unit, luxury multi-family community in Las Vegas, for $67 mil, or $265.9k/unit. The property was sold by The Bascom Group, who acquired the asset in late 2016 for $38.3 mil.
Davlyn has re-branded the property as “The Michael B Townhomes and Flats.” The community, constructed in 2010, is located at located at 9242 W. Russell Rd, just west of the 215 Fwy.
The complex offers a range of one- and two-bedroom townhome floorplans. Amenities include: resort-style pool and cabanas; BBQ and picnic area; state-of-the-art fitness center; clubhouse; business center, high-speed Internet; and controlled access. Unit amenities include: faux hardwood floors; patio or balcony; in-unit washer/dryer; microwave; and air conditioner.
Taylor Sims and Brady Cleary of Cushman & Wakefield represented the seller in the deal. Debt was arranged through Mitch Clarfield and Meghan Varga with Newmark.
“The Michael B Townhomes and Flats presents an opportunity to acquire an institutional-quality asset in southwest Las Vegas’s “The Curve” neighborhood,” notes Aaron Pacillio, Chief Investment Officer of Davlyn Investments. “Over the last few years, The Curve has emerged as one of the valley’s most dynamic areas, exemplified by the Durango Station Resort and Casino, and mixed-use developments such as UnCommons, The Bend and Gramercy. Along with the interior appointments and community amenities one expects with a newer community, the property features a very desirable unit mix consisting of over 40% two-bedroom townhomes.”
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