Inland Empire Community Changes Hands for $35M
- Nov 21, 2018
Davlyn Investments has acquired a 125-unit Class A residential community in Chino Hills, Calif. for $34.8 million from Essex Property Trust. The deal marks Davlyn’s tenth acquisition in the Inland Empire.
The Summit was built in 1990 and features detached garages and in-unit washers and dryers. Davyln is planning to upgrade and renovate the residences and amenities at the community.
“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, in prepared remarks. “It’s population growth of 11.2 percent since 2012 bears this out.”
The property is located at 2400 Ridgeview Drive and provides immediate access to Chino Hills Parkway, Carbon Canyon Road and Grand Avenue. The community is situated about 30 miles from downtown Los Angeles.
Ryan Blair with City National Bank arranged financing for the transaction and an HFF team of Sean Deasy and Ryan Fitzpatrick represented the seller in the deal. Earlier this month, Essex Property Trust sold a 124-unit multifamily community in Chino, Calif. for $30.5 million to Klingbeil Capital Management of Columbus, Ohio.