LA MESA, CA-San Diego-based condo converter Davlyn Investments Inc. has paid $42 million for a multifamily property near Lake Murray. The acquisition is Davlyn's 14th condo conversion buy.In the deal, Davlyn landed the 200-unit Lake Village community, but will rename the property Adagio, a reference to the site's Italian-style design. Davlyn acquired the property from HCA Lake Village LLC, with Dick Bassett of Hendricks & Partners, representing both parties. Mike Atkins and Jack Webster of Bank of America provided the lending."Adagio will provide a very competitive product in a superior location," says Aaron Pacillio, Davlyn's director of acquisitions. Pricing points on the units were not available, but Pacillio adds that the units will be an option for buyers "who aren't necessarily in love with the idea of living in Downtown San Diego."Built in 1984 on nearly nine acres, the property counts 88 one-bedroom/one-bath units, 32 two-bedroom/one-bath units and 80 two-bedroom/two-bath floor plans. Conversion on the units will begin immediately, with sales set to begin in September.As part of the condo conversion, Davlyn will construct over 200 carports and a gated entryway. Renovations on tap include upgrades to the fitness center, pool and spa as well as unit interiors. Upgrades include the addition of granite counter-tops, stainless steel appliances and crown molding.
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