California + Apartments | January 5, 2021

Davlyn Snags Roseville Apartments for $95M

San Diego-based Davlyn Investments acquired The Terraces at Highland Reserve, a 273-unit multifamily community in Roseville for $95 million. The property at 700 Gibson Dr. was constructed in 2002 and will be re-branded as Ascent at the Galleria.

Davlyn’s Paul Kerr says, “Ascent presented an exciting opportunity to acquire a high-quality multifamily asset in a very desirable submarket, with extremely low transaction volume and equally high barriers to entry. Upon completion of our repositioning strategy, Ascent will offer residents a very reasonable price for finished product that will be on par with brand new, Class A, luxury offerings.”

The property has excellent ‘bones,’ and features nine-foot ceilings, in-unit washers and dryers, built-in fireplaces, modern architecture, barrel-tiled roofs, and more than 250 detached garages. The asset is uniquely equipped to navigate the emerging work-from-home environment, as each unit offers at least one built-in desk, and its corner-unit design maximizes natural light and minimizes interplay with neighboring units.

Newmark’s Mark Leary and Nate Oleson represented the unnamed seller.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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