Davlyn Investments Buys 552 Units for $112M

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MORENO VALLEY, CA-Davlyn Investments of San Diego has acquired the 552-unit Stonegate at Towngate Apartments for $111.8 million in a deal that ranks as one of the largest single-asset multifamily sales in the history of the Inland Empire. According to Davlyn’s Irvine-based director of acquisitions, Aaron Pacillio, the deal came about after more than a year of discussions with the seller and is believed to be the largest single-asset apartment sale ever in the Inland Empire.

Davlyn bought the property, which is at 12640 Memorial Way, from Inland Empire Builders of Las Vegas in a direct deal between buyer and seller. Lending was provided by Eric Flyckt of Capmark Finance Inc.