Davlyn Investments, a San Diego–based multifamily investment firm, has paid $95 million for The Terraces at Highland Reserve, a 273-unit, luxury, class A, multifamily community in Roseville, Calif.
The property, which will be rebranded as Ascent at the Galleria, was constructed in 2002 and is Davlyn’s fourth acquisition in Northern California, and its first in the greater Sacramento market.
Paul Kerr, president of Davlyn, said, “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. As you’d expect with its age, the property has excellent ‘bones,’ and features nine-foot ceilings, in-unit washers and dryers, built-in fireplaces, modern architecture, barrel-tiled roofs, over 250 detached garages, and an extensive amenity package. In addition, the property is uniquely equipped to navigate the emerging work-from-home environmen
