RIVERSIDE, CA-The Irvine office of San Diego-based Davlyn Investments has closed on the $12.65 million purchase of a 92-unit complex called Oak Crest Apartments, which Davlyn will rename as Highlander Park. The property marks Davlyn's sixth Inland Empire transaction over the last two years and its third closed transaction there over the past 12 months. The company says there is "more in the pipeline."

Davlyn bought the complex from RK Properties of Long Beach in a direct deal between buyer and seller, with Eric Flykt of CapMark Finance Inc. providing the lending. According to Davlyn's director of acquisitions, Aaron Pacillio, the acquisition brings economies of scale with it because the company owns an adjacent complex, the 132-unit Highlander Pointe.

In addition, Pacillio comments, "The unit mix is complementary to its sister property, which should allow us to capture more potential leases." He describes the propery as "within walking distance of the University California Riverside."

Enrollment at the university, which has been growing steadily in recent years to reach its current level of 16,600 students, is expected to continue growing by more than 540 students per year through 2015. Besides the upside Davlyn sees from the expanding student population and little or no new construction, the property should also benefit from a repositioning plan that will enable Davlyn to raise rents, Pacillio adds.