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Decron Properties Closes $79 Mil Multifamily Buy in the San Fernando Valley

9/26/19

Decron Properties has made its first investment in Los Angeles County since 2010 by acquiring Alura, a 250-unit multifamily property in Woodland Hills, for $79 mil ($316k/unit).

Built in 1977, Alura offers a mix of studio, one-, two- and three-bedroom homes and represents a strong value-add opportunity. Decron will initiate a significant capital improvement plan to modernize the property’s interior units and its exterior common areas.

Alura is located at 6333 Canoga Ave, in the heart of Woodland Hills’ Warner Center, an area that is undergoing a massive transformation into a live-work-play community. The property puts residents within walking distance of just under 63,000 jobs (making it one of the largest employment hubs in the San Fernando Valley) as well as 3.4 msf of retail and entertainment outlets.

Warner Center currently houses over 7 msf of Class A office space and with planned developments in the works, that number could jump to more than 14 msf by 2035.

Gregory Harris, Kevin Green and Joseph Grabiec of IPA’s South Bay office marketed the property on behalf of the unnamed seller.

“Alura is a prime example of our investment strategy of acquiring and renovating value-add apartment communities in well-located, vibrant, suburban markets,” said Decron CEO David J. Nagel. “The Warner Center area is experiencing phenomenal growth. Our belief in that revitalization and the potential for future growth in office space (jobs) and retail opportunities were key elements to our decision to pursue this acquisition.”

Los Angeles-based Decron Properties has successfully grown its portfolio over the past 31 years. In 1988, Decron had 1,148 units in its portfolio, all of which was located in Los Angeles County. With its acquisition of Alura, Decron’s multifamily portfolio increases to 8,234 units. It owns and operates 3,607 units in Los Angeles County as well as 4,627 units that are located throughout the rest of California and the Pacific Northwest.





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