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12/29/20
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Davlyn Investments has purchased The Terraces at Highland Reserve, a 273-unit, Class A multifamily community in Roseville, CA, for $95 mil ($348k/unit). Constructed in 2002, the property will be re-branded as Ascent at the Galleria.
The property features nine-foot ceilings, in-unit washers and dryers, built-in fireplaces, modern architecture, barrel-tiled roofs and over 250 detached garages, along with an extensive amenity package. In addition, the property is uniquely equipped to navigate the emerging work-from-home environment, with each unit offering at least one built-in desk.
Davlyn intends to implement a repositioning strategy for Ascent will that will put the community on par with brand new, Class A, luxury offerings. The property is Davlyn’s fourth acquisition in Northern California, and its first in the greater Sacramento market.
Ascent lies in an affluent pocket of the submarket, where average household incomes exceed $128,000 within a one-mile radius. The neighborhood features a multitude of high-end retailers, such as Whole Foods, Apple, Best Buy, Marshalls, REI, Bed, Bath & Beyond, and an extensive list of top-notch restaurants.
“Increasing living and business costs in the Bay Area are driving households and businesses to nearby Sacramento in droves,” noted Jon Williams, CEO of Davlyn Investments. “Roseville’s population growth of 22.2% since 2010 bears this out. As is becoming well-known, this trend has accelerated through COVID-19 and the growth of people working remotely.”
Mark Leary and Nate Oleson with NGKF represented the seller in the transaction.
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