(Read more on the multifamily market.)
MORENO VALLEY, CA-Davlyn Investments of San Diego has acquiredthe 552-unit Stonegate at Towngate Apartments for $111.8 million ina deal that ranks as one of the largest single-asset multifamilysales in the history of the Inland Empire. According to Davlyn'sIrvine-based director of acquisitions, Aaron Pacillio, the dealcame about after more than a year of discussions with the sellerand is believed to be the largest single-asset apartment sale everin the Inland Empire.
Davlyn bought the property, which is at 12640 Memorial Way, fromInland Empire Builders of Las Vegas in a direct deal between buyerand seller. Lending was provided by Eric Flyckt of Capmark FinanceInc.
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