Boulders at Lookout Mountain Marks Davlyn’s Third AZ Acquisition

Davlyn Investments recently closed escrow on the $112.5 million purchase of The Boulevard, a 294-unit multifamily community in Phoenix. The property, which will be re-branded Boulders at Lookout Mountain, was constructed in 1994 and marks Davlyn’s third acquisition in Arizona.

“Boulders at Lookout Mountain presented an opportunity to acquire a high-quality asset in a submarket with strong economic fundamentals,” says Aaron Pacillio, chief investment officer of Davlyn Investments. “This exceptional foundation, coupled with our renovation plan, will ultimately allow us to provide one of the best apartment experiences in North Phoenix.”

The property offers in-unit laundry, wood-burning fireplaces, walk-in closets with built-in shelving,  plentiful parking and an expansive community amenity package. It features low density two-story construction on 16.7 acres. Further, the property is walkable to several major retailers, grocers, restaurants and an adjacent greenway walking path. More recreational trails are located nearby at Lookout and Shadow Mountains.

The IPA team of Steve Gebing and Cliff David represented the seller. Eric Flyckt of Northmarq Capital arranged debt, which was provided by New York Life.