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.

Pacillio commented regarding the investment that, “We’ve been actively seeking deals in the Bay Area since 2005, with no success. However, the recession has allowed us to finally pick up one of the few Northern California multifamily assets built within the last 10 years, at a price that we could get our arms around.” He added that despite the recent vintage of the asset, "Our market research indicates there is a viable value-add component associated with select interior and exterior upgrades.”