Davlyn Investments recently announced the purchase of the Metro Gateway apartment community in Riverside, Calif., from MBK Rental Living for $60 million. The 187-unit, luxury, Class A+ investment was an off-market sale of a core real estate asset. Metro Gateway was built in 2017 and marks Davlyn’s 11th acquisition in Southern California’s Inland Empire. Sean Deasy and Ryan Fitzpatrick of JLL represented the seller while Ryan Blair with City National Bank arranged financing. The fairly new and luxe property also sits in a prime location.
“Metro Gateway presents the opportunity to acquire Riverside’s first and only truly transit-oriented apartments,” said Aaron Pacillio, chief investment officer of Davlyn. “The property is adjacent to the Riverside-La Sierra Metrolink rail station, which is second only to Los Angeles’ Union Station in ridership.”
Davlyn noted that the property has immediate access to the 91 freeway, along with having a strong walkability appeal in terms of nearby restaurants and grocers. The community also offers best-in-class amenities and unit finishes that will help attract tenants wanting an upscale lifestyle. Metro Gateway follows Davlyn’s recent $34.8 million acquisition of The Summit in Chino Hills, Calif.
Like other major cities in California, Riverside is experiencing rapid growth and the challenges of a housing shortage in the state. “Increasing living and business costs in Los Angeles and Orange County are driving businesses and households to the Inland Empire in droves,” said Jon Williams, CEO of Davlyn Investments. “Its population growth of 9.4% since 2010 bears this out. Accordingly, this acquisition is consistent with our long-term investment strategy to expand our presence in the Inland Empire.”