Davlyn’s $114M Trevi Buy Checks all the Investment Boxes

Davlyn Investments recently closed escrow on the $114.38 million purchase of Trevi, a 290-unit class-A multifamily community constructed in 2005. Trevi, located in Chandler, is near the Highway 101 and Highway 202 interchanges, which offer residents access to all Phoenix employment hubs.

Trevi is Davlyn’s second acquisition in Arizona.

“Trevi represented an opportunity to acquire a truly unique recent-vintage multifamily asset located in a growing submarket with excellent economic fundamentals,” says Aaron Pacillio, chief investment officer of Davlyn Investments.

Pacillio shared the background story of what makes the property unique.

“The original developer over-improved the property relative to the market standards, employing exceptional architectural features … which immerse residents in an experience that is a cut above,” he says. “Furthermore, due to these improvements and their requisite costs vs. rents at that time, the original developer lost the building during the Great Financial Crisis. It has been estimated that developing a property of this caliber today would cost roughly 20 percent more than typical efficient rectangular construction. As such, we feel that we are getting something exceptional for our money; something that would never be built today in terms of quality and density.”

The JLL team of Charles Steele, John Cunningham and Mike Higgins represented the seller. Debt was sourced by Charles Halladay and Rick Salinas also with JLL, and provided by New York Life.