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Davlyn Investments acquires luxury multifamily property in Las Vegas for $67m
Davlyn Investments recently acquired Spectrum, a 252-unit, luxury, multi-family community in Las Vegas, for $67 million. 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. Cushman & Wakefield represented the Seller. Debt was arranged through Newmark.
“The Michael B Townhomes and Flats presents an opportunity to acquire an institutional-quality asset in southwest Las Vegas’ The Curve neighborhood,” said Aaron Pacillio, chief investment officer at Davlyn Investments. “Over the last few years, The Curve has emerged as one of the valley’s most dynamic areas, exemplified by the Durango Station Resort and Casino, and mixed-use developments such as UnCommons, The Bend and Gramercy. Along with the interior appointments and community amenities one expects with a newer community, the property features a very desirable unit mix consisting of over 40 percent two-bedroom townhom