Davlyn Investments has acquired The Boulevard, a 294-unit community in Phoenix for $112.5 million. The property last changed hands in 2018, when LivCor paid $48.2 million for the asset, according to Yardi Matrix data. Davlyn plans to rebrand the property as Boulders at Lookout Mountain.
Completed in 1994, the property stands two stories tall and occupies 16.7 acres. The asset comprises one-, two-, and three-bedroom apartments, featuring in-unit laundry, wood-burning fireplaces and walk-in closets. Community amenities include a fitness center, a clubhouse, two pools, two spas, a tennis court and a business center.
Located at 110 E. Greenway Parkway, the property is near several dining and retail options, including Bell Towne Plaza, which is less than a mile away. Boulders at Lookout Mountain is also close to green areas, such as the Lookout Mountain Preserve and Moon Valley Park.
Steve Gebing and Cliff David, executive managing directors at Institutional Property Advisors, represented the seller. Northmarq’s Managing Director Eric Flyckt arranged the financing provided by New York Life.
Davlyn’s long-term investment strategy
Thanks to Phoenix’s more affordable living options and its growing job market, the metro continues to benefit from outmigration from expensive West Coast markets. As such, the California-based firm’s strategy is to expand its portfolio in growing markets, including the Phoenix Valley, CEO Jon Williams mentioned in a prepared statement.
Boulders at Lookout Mountains marks Davlyn’s third acquisition in the past 30 days, bringing its investment volume to $300 million over this period. The company acquired a property in Chandler, Ariz., and paid $77 million for Sonata, a 312-unit community in North Las Vegas, Nev.