Davlyn Investments Enters Las Vegas With $77M Buy
RK Properties paid half the price for the property back in 2016.
Davlyn Investments has acquired Sonata, a 312-unit community in North Las Vegas, Nev., for $77 million. The transaction was arranged by Managing Director Eric Flyckt of Northmarq Capital and represents Davlyn’s first buy in the area.
Sonata last changed ownership in 2016, when Alliance Residential Co. sold the asset to RK Properties for $35 million, according to Yardi Matrix data.
Completed in 2009, the property comprises one and two-bedroom apartments ranging from 718 to 1,121 square feet. Community amenities include a fitness center, a business center, a clubhouse, a pool and covered parking.
Located at 4201 E. Craig Road, 1 mile east of Interstate 15, the property provides easy access to the area’s primary east-west corridor, as well as several retail and dining options.
The acquisition is part of Davlyn’s investment strategy to acquire well-located assets throughout the Las Vegas Valley, said CEO Jon Williams in a prepared statement. It also follows the purchase of Trevi, a $114 million community in Chandler, Ariz.
Las Vegas remained one of the country’s top metros for multifamily rent growth going into 2022, with rates up a staggering 22.2 percent last year.
The Sonata deal comes on the heels of another high-profile transaction arranged by Northmarq Capital, the $197 million sale of three Las Vegas communities totaling 924 units, in October 2021.