(To read more on the multifamily market, click here.)
PICO RIVERA, CA-Davlyn Investments of San Diego has acquired a141-unit apartment complex called the Courtyard for $18.92 million,with plans to rename it the Bacara and to renovate the property.Davlyn acquired the complex from Glen Pace of Palm Desert in itsthird acquisition over the past several months and its fourthsignificant purchase since it opened an acquisitions office inIrvine about a year ago.
Davlyn's director of acquisitions, Aaron Pacillio, describes theappeal of the investment for the firm, which has purchased 10 othermultifamily assets in Los Angeles County: "The City of Pico Riverahas been undergoing a dramatic revitalization over the past decade,particularly since the redevelopment of the former Northrop-Grummanfacility," Pacillio says.
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