X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.

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?

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.