Davlyn Investments of San Diego has acquired a Chino Hills apartment complex for $34.8 million.
Built in 1990, The Summit complex at 2400 Ridgeview Drive has 125 apartments which average 808 square feet, according to CoStar, a real estate listing service.
The Summit is Davlyn Investment’s tenth acquisition in the Inland Empire.
“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 11.2 percent since 2012 bears this out,” Williams said. “The property is centrally located in an affluent pocket that’s uniquely situated between the Los Angeles, Orange County and Inland Empire employment markets.”
Davlyn CIO Aaron Pacillo said The Summit “provides a true value-add investment in the Inland Empire.”
“The property has solid bones, featuring detached garages, central heating and air conditioning and in-unit washers and dryers,” Pacillio said. “These basics will allow us to focus our capital improvements on modernizing unit finishes and expanding the common area amenity offering. This will provide residents with a living environment on par with brand new, Class A, luxury offerings at a much more reasonable price.”
Sean Deasy and Ryan Fitzpatrick of HFF represented the seller, Essex Property Trust.
Ryan Blair of City National Bank arranged financing.