Davlyn investment enters Las Vegas market

Davlyn Investments has paid $77 million for Sonata, a 312-unit, class A, multifamily community in North Las Vegas that was constructed in 2009. This marks Davlyn’s first acquisition in Las Vegas.

“Sonata presented an opportunity to acquire off-market, directly from the seller, a recent-vintage, multifamily asset in a very strong submarket. In addition to the amenity package one would expect at a newer community, this property features unit offerings that distinguish it in the submarket, such as open floor plans, expansive kitchen islands and bay windows,” said Aaron Pacillio, Davlyn’s CIO. “It has a great unit mix and offers large unit sizes, averaging 904 square feet. These excellent characteristics, paired with attractive common area amenities, should help maintain strong demand for this property. Further, its vintage protects against major capital expenditures through the hold period. Due to these factors,” Aaron added, “our rents should remain attainable to