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8/10/22
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Davlyn Investments has purchased Rancho Destino, a 184-unit, luxury, multifamily community situated on 9.1 acres at 4355 S Durango Dr in Las Vegas, for $65.5 mil ($356k/unit). The property, which has been re-branded “Aviara,” was constructed in 1998 and marks Davlyn’s second acquisition in Nevada.
The project features low density, two-story construction. Unit amenities at the property include central heating and air conditioning, in-unit laundry, vaulted ceilings and fireplaces.
The property is near several major retailers, restaurants, and the Southwest Valley’s Desert Breeze Park. Scenic recreational trails are located nearby at Las Vegas’s famous Red Rock Canyon.”
The CBRE team of Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit represented the seller in the deal. Debt was provided by Torrey Pines Bank.
Jon Williams, CEO of Davlyn Investments, points out, “Due to increasing business and living costs in other western markets, the 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. Its nearly 20% population growth since 2010 and double-digit year-over-year rent growth exemplify this fact. Bolstered by developments currently underway, notably the transformation of “The Curve” a few miles south on Durango Road, the Southwest Valley should enjoy elevated apartment demand for years to come.”
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