VALENCIA, CA-Davlyn Investments Inc. of San Diego has expanded into the Santa Clarita market with its $42-million acquisition of the 208-unit Hills at Valencia apartments from Fairfield Alta Vista LP. The complex is a class A property that was built in 2004 on a 10-acre parcel at 28100 Smyth Dr. and was acquired with financing that included a loan provided by Eric Flyckt of GMAC Commercial Mortgage.”The Santa Clarita Valley is one of the most dynamic growth areas in the Greater Los Angeles region, and we want to be a part of it for the long haul,” says Jon Williams, president of Davlyn, which also owns complexes in other growing Southern California communities.The new Davlyn asset consists of 102 one-bedroom, one-bath units, 24 two-bedroom, one-bath units, 48 two-bedroom, two-bath units, 22 two-bedroom, two-and-a-half bath townhomes, and 12 three-bedroom, two-bath homes. Completed in 2003, the complex comprises eight two-story and 10 three-story buildings, along with a clubhouse building that also includes a fitness center and a business center. It was 93% occupied at the time of the sale, which was a direct transaction between the buyer and the seller. Floor plans range in size from 682 sf to 1,317 sf. The property features a resort pool and Whirlpool Spa, individual garages, carports and open-space parking. The units are equipped with full-size washer and dryers, private patios or balconies, and other institutional-grade amenities.The move into Santa Clarita follows Davlyn’s earlier expansion into another growing market, the Inland Empire, where the company’s holdings include a 340-unit multifamily complex in Bermuda Dunes, one of three Inland Empire properties it has acquired since entering that market in 2002. The company’s portfolio includes in excess of 2,700 apartment and condominium units spread throughout Southern California.

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