Davlyn Acquires 88-Unit Complex for $16M

NOVATO, CA-Davlyn Investments of San Diego has made its first foray into Northern California with the $16 million acquisition of an 88-unit complex called the Oak Grove Apartments, according to Davlyn’s director of acquisitions, Aaron Pacillio. Pacillio tells GlobeSt.com that the San Diego -based investment firm plans to rename the complex Crooked Oak at Loma Verde Preserve.

Pacillio says that the property, at 130 Cielo Lane, is a core-plus investment and was constructed in 2000. He notes that the complex is in Marin County, where per capita incomes are some of the highest in the nation. The seller’s agent was Brad Pennington of Marcus & Millichap. Lending was provided by Eric Flyckt with NorthMarq Capital.