MORENO VALLEY, CA—Multifamily specialist Davlyn Investments has closed escrow on the sale of a 552-unit, luxury, class-A, multi-family community in here.  Stonegate at Towngate, which was constructed in 2006-07, sold for $98,550,000.  The buyer was Weidner Investment Services, Kirland, WA.  Both the buyer and seller were represented by Dean Zander of Berkadia.

“The sale of this asset was strictly the result of the end of an investment cycle for our institutional equity partner, and is in no way emblematic of an exit from investing in the Inland Empire,” said Davlyn CEO, Jon Williams. “As a matter of fact we'd love nothing more than to increase our exposure to this rapidly expanding Southern California market.”

Aaron Pacillio, director of acquisitions for Davlyn confirmed that new Inland Empire investments are expected

“As a long term investor we are constantly in the process of cycling capital, both in and out of markets,” Pacillio said. “In this case, our priority was surety of close and the folks at Weidner did an excellent job of stepping up to the plate and performing.  We believe it will be a great investment for them and are sad to see it go.  I suspect we will regain this level of exposure in the IE within the next year vis-a-vis new investment.”

Davlyn currently owns four other apartment communities in the Inland Empire. This disposition is Davlyn's ninth in the last six months, including the purchase of four apartment communities and one class-A commercial office building.  Davlyn 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 $1.2 billion in real estate assets.

MORENO VALLEY, CA—Multifamily specialist Davlyn Investments has closed escrow on the sale of a 552-unit, luxury, class-A, multi-family community in here.  Stonegate at Towngate, which was constructed in 2006-07, sold for $98,550,000.  The buyer was Weidner Investment Services, Kirland, WA.  Both the buyer and seller were represented by Dean Zander of Berkadia.

“The sale of this asset was strictly the result of the end of an investment cycle for our institutional equity partner, and is in no way emblematic of an exit from investing in the Inland Empire,” said Davlyn CEO, Jon Williams. “As a matter of fact we'd love nothing more than to increase our exposure to this rapidly expanding Southern California market.”

Aaron Pacillio, director of acquisitions for Davlyn confirmed that new Inland Empire investments are expected

“As a long term investor we are constantly in the process of cycling capital, both in and out of markets,” Pacillio said. “In this case, our priority was surety of close and the folks at Weidner did an excellent job of stepping up to the plate and performing.  We believe it will be a great investment for them and are sad to see it go.  I suspect we will regain this level of exposure in the IE within the next year vis-a-vis new investment.”

Davlyn currently owns four other apartment communities in the Inland Empire. This disposition is Davlyn's ninth in the last six months, including the purchase of four apartment communities and one class-A commercial office building.  Davlyn 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 $1.2 billion in real estate assets.