SAN DIEGO, CA-Locally based Davlyn Investments Inc. has acquired a 92-unit apartment asset in the city with plans to convert the circa 1986 property into a condominium complex. The buyer, which specializes in condo conversions, has shelled out $20 million to seller Ash Street Ventures LP for the property. Located on a 6.4-acre, hilltop site that stands at 3605 Ash St., the complex was previously known as Crossroads, due to its proximity to the 15, 94 and 805 freeways. Davlyn’s company officials have renamed the asset Latitude and plan to begin selling soon-to-be converted units here as early as next month. Offering 14.4 units per acre, Latitude is comprised of 16 one-bedroom, one-bath floor plans encompassing 600 sf each; 60 two-bedroom, two-bath designs spanning 900 sf each; and 16 two-bedroom, two-and-a-half bath townhomes consisting of 1,050 sf each. Unit amenities include central HVAC, private patios or balconies, washer/dryers, and views of Downtown’s skyline. The complex also boasts a fitness center, resort-style pool, spa, and gated access.The purchase of Latitude marks Davlyn’s 11th condo-conversion acquisition and leaves the firm just 45 units shy of the 1,000-unit mark for their condominium conversion business, according to company officials. “The property fits perfectly with our strategy of buying quality, well-located conversion communities throughout Southern California,” says Jon Williams, president of Davlyn. The firm, headed up by Williams and Paul Kerr, is an owner and operator of both condo conversion projects and apartment communities throughout Southern California, with more than 2,500 units currently in its portfolio.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


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.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.