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Davlyn Picks Up Bermuda Dunes Complex

BERMUDA DUNES, CA-San Diego-based Davlyn Investments Inc. shells out $28 million for the 340-unit apartment complex located in Bermuda Dunes. The deal is the third major transaction that Davlyn has closed in the Inland Empire since the firm began investing here in 2002.

By Erin Cassin | Updated on June 26, 2004

BERMUDA DUNES, CA-San Diego-based Davlyn Investments Inc. has added to its Inland Empire holdings with its recent acquisition of a multifamily complex in Bermuda Dunes. The apartment owner/operator has shelled out $28 million for the asset, which it has named Saddleback. Davlyn was attracted to the “total package” offered by the asset, including its “age, quality of construction, unit mix and amenities,” according to Paul Kerr, Davlyn’s director of acquisitions. The property’s amenities include a gated entry, fitness center, three pools and three spas. The complex also boasts a practice driving area and a putting green, which are especially significant, given the importance of golf in some areas of the Inland Empire. “Obviously, golf is a huge component of the lifestyle, particularly out in the desert,” Kerr tells GlobeSt.com. Along this same vein, the property is located at 78-650 Avenue 42, across from the entrance to the Bermuda Dunes Country Club, which is one of only five courses to host the annual Bob Hope Desert Classic Golf Tournament. A total of 340 apartment units comprise the Bermuda Dunes asset, with the mix breaking down as 104 one-bedroom, one-bath designs encompassing around 711 sf each; 212 two-bedroom, two-bath floor plans ranging from 930 sf to 934 sf; and 24 two-bedroom, two-bath “villas” of approximately 930 sf each. The units include washers and dryers, private patios or balconies, and central heat and air. In the recent transaction, both Davlyn and seller Bermuda Dunes LP were represented by Michael Kassinger of Sperry Van Ness. Jack Webster and Mike Atkins of Bank of America’s Real Estate Lending Group provided the financing.The deal marks Davlyn’s “third major transaction” in the Inland Empire, according to Kerr. The firm first entered into the market in 2002. “It is, without a doubt, one of the most dynamic markets in the country,” Kerr says.

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