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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.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
