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IRVINE, CA-The Irvine office of Davlyn Investments has closed on a 58-unit apartment complex in Riverside as the company continues to expand its growing Southern California multifamily portfolio. Its latest buy is the $7.1-million purchase of a complex just north of the 91 Freeway and La Sierra Avenue from StarPoint Properties LLC of Beverly Hills.

The property, formerly known as La Sierra Vistas, will be renamed Riverwalk Landing. It marks Davlyn’s seventh acquisition in the county and its fourth in the county over the past 14 months. Davlyn’s Aaron Pacillio, locally based director of acquisitions for the San Diego company, notes that the deal is Davlyn’s second multifamily closing of 2007 and that it plans to acquire another complex in Los Angeles near the end of the first quarter.

Pacillio says that the appeal of the deal was that, “We have several neighboring properties with higher rents and inferior product,” and that the property features “tremendous drive-by traffic and street frontage on La Sierra Avenue,” one of Riverside’s busiest arteries. The complex also provides a mix of two- and three-bedroom units in a submarket where occupancies consistently run in the high 90% range, Pacillio adds.

Davlyn’s plans include extensive renovations of the property, which is a bit smaller than its typical multifamily deal. The company usually buys properties in the 100-unit and up range, but Pacillio explains that, “This is such a textbook value-add deal that we felt compelled to dip below our typical acquisition target size.”

Both Davlyn and StarPoint were represented by Alex Mogharebi of Marcus & Millichap in Ontario. A new loan for the property was originated by Brian Eisendrath with CBRE Melody. The lender was CharterMac, which was represented by Andy Mackay.

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