Davlyn Investments, a multi-family investment firm based in California, recently purchased the 252-unit luxury multi-family community “Spectrum” in Las Vegas for $67 million. The property has been rebranded as “The Michael B Townhomes and Flats” and was constructed back in 2010. This marks Davlyn’s third acquisition within Nevada. Taylor Sims and Brady Cleary of Cushman & Wakefield represented the seller while a Newmark team arranged the debt; however, no information regarding who sold it was disclosed.
Jon Williams from Davlyn commented that due to increasing living costs and high tax rates elsewhere on the West Coast, Las Vegas continues to benefit from net migration while offering its residents an abundance of employment opportunities along with quality life standards without state income tax – population growth since 2010 is nearly 20%.
This purchase follows recent acquisitions by Davlyn across Phoenix and Las Vegas metropolitan areas which brings their total acquisition activity over 18 months up to $465 million across five acquisitions altogether.
