NOVATO, CA-Davlyn Investments of San Diego has made its firstforay into Northern California with the $16 million acquisition ofan 88-unit complex called the Oak Grove Apartments, according toDavlyn’s director of acquisitions, Aaron Pacillio. Pacillio tellsGlobeSt.com that the San Diego -based investment firm plans torename the complex Crooked Oak at Loma Verde Preserve.

Pacillio says that the property, at 130 Cielo Lane, is acore-plus investment and was constructed in 2000. He notes that thecomplex is in Marin County, where per capita incomes are some ofthe highest in the nation. The seller’s agent was Brad Penningtonof Marcus & Millichap. Lending was provided by Eric Flyckt withNorthMarq Capital.

Pacillio commented regarding the investment that, “We’ve beenactively seeking deals in the Bay Area since 2005, with no success.However, the recession has allowed us to finally pick up one of thefew Northern California multifamily assets built within the last 10years, at a price that we could get our arms around.” He added thatdespite the recent vintage of the asset, "Our market researchindicates there is a viable value-add component associated withselect interior and exterior upgrades.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.