California Buyer Acquires 252-Unit Las Vegas Rental Community
Davlyn Investments, a California-based, multi-family investment firm, recently paid $67 million to purchase the “Spectrum,” a 252-unit, luxury, multi-family community in Las Vegas. The property, which has been re-branded “The Michael B Townhomes and Flats,” was constructed in 2010 and marks Davlyn’s third acquisition in Nevada. Taylor Sims and Brady Cleary of Cushman & Wakefield represented the Seller. A Newmark team arranged the debt. The seller was not disclosed.
Davlyn’s Jon Williams stated, “Due to increasing living costs and high tax rates in other western markets, Las Vegas continues to benefit from net in-migration, while offering its residents a vast employment market, high quality of life, and no state income tax. Its nearly 20% population growth since 2010 speaks to the desirability of area.
Purchase of “The Michael B Townhomes and Flats” follows recent acquisitions in the Phoenix and Las Vegas metropolitan areas, bringing Davlyn’s total acquisition activity over the past eighteen months to over $465 million across five acquisitions.