SAN DIEGO, CA – Davlyn Investments, a prominent California multi-family and commercial property investment firm, recently closed escrow on the $60,000,000 “off-market” purchase of Metro Gateway, a newly-built, 187-unit, luxury, Class A+, “Core” multi-family community in Riverside, California. Metro Gateway was constructed in 2017 and is Davlyn’s eleventh acquisition in Southern California’s Inland Empire. The JLL team of Sean Deasy and Ryan Fitzpatrick represented the seller, MBK Rental Living. Ryan Blair with City National Bank arranged financing.
Aaron Pacillio, Chief Investment Officer of Davlyn, described the investment as follows, “Metro Gateway presents the opportunity to acquire Riverside’s first and only truly transit-oriented apartments. The property is adjacent to the Riverside-La Sierra Metrolink rail station, which is second only to Los Angeles’s Union Station in ridership, thus saving our residents from onerous commutes into neighboring markets. Further promoting the property’s appeal is its walkability to multiple neighborhood grocers and restaurants. Its best-in-class amenity offering and unit finishes enhance the community’s desirability to Riverside’s growing ‘lifestyle’ renter segment.” He added, “Ultimately, Metro Gateway’s new vintage, attractive location and unique market position will promote strong rental growth and reduce exposure to major capital expenditures during our investment period.”
Jon Williams, CEO of Davlyn Investments, stated that, “Increasing living and business costs in Los Angeles and Orange County are driving businesses and households to the Inland Empire in droves. Its population growth of 9.4% since 2010 bears this out. Metro Gateway’s southwest Riverside address uniquely situates it between the Los Angeles, Orange County and Inland Empire employment markets, thus allowing it to capture these demographic changes. With immediate access to the 91 Freeway and adjacency to the Riverside-La Sierra Metrolink station, this location provides a strategic advantage for residents looking to facilitate their commute to neighboring regions. Accordingly, this acquisition is consistent with our long-term investment strategy to expand our presence in the Inland Empire.”
Metro Gateway follows Davlyn’s recent $34.8 million acquisition of The Summit in Chino Hills, CA. Davlyn Investments is a San Diego-based owner/operator of apartment communities and office buildings throughout California. Since Its founding, the firm has acquired in excess of $1.3 billion in real estate assets. The company is headed by Jon Williams and Paul Kerr.
Source: Davlyn Investments / #Multifamily #Apartments