Davlyn Investments Acquires The Michael B Townhomes And Apartments In Las Vegas For $67M

Davlyn Investments has acquired The Michael B Townhomes and Apartments, formerly known as Spectrum, a luxury multifamily community in Las Vegas. The property, located at 9242 West Russell Road, spans 26.4 acres. The sale price for this transaction was $67 million, resulting in a price per unit (PPU) of $265,873. The seller, The Bascom Group, completed the deal with the assistance of broker representatives Taylor Sims and Brady Cleary from Cushman & Wakefield. The mortgage brokers involved in this transaction were Mitch Clarfield and Meghan Varga from Newmark.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $67,000,000
• Address: 9242 West Russell Road
• Market: Las Vegas, Nevada
• Acres: 26.4
• Buyer: Davlyn Investments
• Seller: The Bascom Group
• Brokers: Taylor Sims & Brady Cleary - Cushman & Wakefield
• Mortgage Brokers: Mitch Clarfield & Meghan Varga - Newmark
• Units: 252
• PPU: $265,873

This purchase marks Davlyn Investments' third acquisition in Las Vegas, expanding their growing portfolio in the area. The acquisition of The Michael B Townhomes and Apartments adds a luxurious multifamily community to their holdings.