LAKE ELSINORE, CA-Davlyn Investments Inc. of San Diego has closed escrow on its $11.35 million purchase of a 128-unit apartment complex from ALS Lakeside. The property, which Davlyn has renamed North Lake, is at 15195 Lincoln St. and formerly was known as the Watermark.
Davlyn's director of acquisitions, Aaron Pacillio, describes the appeal of the investment as "a real value" on the price per unit basis of $80,000 per unit. Second, he says, "It's very difficult to find nice two story, garden style, late eighties product on the market."
Davlyn also was attracted by the Lake Elsinore submarket's strong investment fundamentals and the lack of new inventory coming to market in the city. This purchase represents the second significant acquisition since Davlyn opened its Irvine office. It recently acquired the $42 million, 200-unit Lake Village apartment complex for condominium conversion and renamed it the Adagio.
In the Lake Elsinore deal, Alex Mogharebi of Marcus & Millichap represented both the buyer and the seller. Lending was arranged by Mike Baron and Eric Flyckt of GMAC.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.