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Davlyn Acquires Multifamily Asset in $20M Play

SAN DIEGO, CA-The locally based firm acquires a 92-unit apartment asset from Ash Street Ventures LP, with plans to convert the property into a condo complex. Davlyn plans to begin selling the units as early as next month.

By Erin Cassin | Updated on October 26, 2004

SAN DIEGO, CA-Locally based Davlyn Investments Inc. has acquired a 92-unit apartment asset in the city with plans to convert the circa 1986 property into a condominium complex. The buyer, which specializes in condo conversions, has shelled out $20 million to seller Ash Street Ventures LP for the property. Located on a 6.4-acre, hilltop site that stands at 3605 Ash St., the complex was previously known as Crossroads, due to its proximity to the 15, 94 and 805 freeways. Davlyn’s company officials have renamed the asset Latitude and plan to begin selling soon-to-be converted units here as early as next month. Offering 14.4 units per acre, Latitude is comprised of 16 one-bedroom, one-bath floor plans encompassing 600 sf each; 60 two-bedroom, two-bath designs spanning 900 sf each; and 16 two-bedroom, two-and-a-half bath townhomes consisting of 1,050 sf each. Unit amenities include central HVAC, private patios or balconies, washer/dryers, and views of Downtown’s skyline. The complex also boasts a fitness center, resort-style pool, spa, and gated access.The purchase of Latitude marks Davlyn’s 11th condo-conversion acquisition and leaves the firm just 45 units shy of the 1,000-unit mark for their condominium conversion business, according to company officials. “The property fits perfectly with our strategy of buying quality, well-located conversion communities throughout Southern California,” says Jon Williams, president of Davlyn. The firm, headed up by Williams and Paul Kerr, is an owner and operator of both condo conversion projects and apartment communities throughout Southern California, with more than 2,500 units currently in its portfolio.

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