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Davlyn Snags Riverside TOD for $60M
San Diego-based Davlyn Investments acquired Metro Gateway, a newly-built, 187-unit, multifamily community in Riverside, CA from MBK Rental Living for $60 million. The off-market deal involved a luxury, Class A+, Core asset constructed in 2017.
Davlyn’s Aaron Pacillio says, “Metro Gateway presents the opportunity to acquire Riverside’s first and only truly transit-oriented apartments. The property is adjacent to the Riverside-La Sierra Metrolink rail station, which is second only to Los Angeles’s Union Station in ridership.”
Pacillio notes the property is appealing due to its walkability to multiple neighborhood grocers and restaurants. It also offers amenities that today’s renters seek, along with unit finishes desired by Riverside’s growing ‘lifestyle’ renter segment. He added, “Ultimately, Metro Gateway’s new vintage, attractive location and unique market position will promote strong rental growth and reduce exposure to major capital expenditures during our investment period.”
JLL’s Sean Deasy and Ryan Fitzpatrick represented the seller. City National Bank’s Ryan Blair arranged financing.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




