Davlyn Investments of San Diego has acquired a Riverside apartment complex for $60 million.
Built in 2017, Gateway Metro Apartments, 3411 Grande Vista Parkway, was sold by MBK Rental Living.
Sean Deasy and Ryan Fitzpatrick of JLL represented MBK.
Ryan Blair with City National Bank arranged financing.
The complex has 187 apartments in two buildings.
Apartments average 890 square feet, according to CoStar, a real estate research firm.
“Metro Gateway presents the opportunity to acquire Riverside’s first truly transit-oriented apartments,” said Aaron Pacillio, Davlyn chief investment officer.
“The property is adjacent to the Riverside-La Sierra Metrolink rail station, which is second only to Los Angeles’ Union Station in ridership, thus saving our residents from onerous commutes into neighboring markets. Further promoting the property’s appeal is its walkability to multiple neighborhood grocers and restaurants,” Pacillio said. “Ultimately, Metro Gateway’s new vintage, attractive location and unique market position will promote strong rental growth and reduce exposure to major capital expenditures during our investment period.”
Real estate reporter Ray Huard may be reached at email@example.com or 858-277-8904.