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September 22, 2021
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Decron Properties Closes on 300-Unit AZ Res Buy

9/08/21

Decron Properties has boosted its Arizona multifamily portfolio with the purchase of Broadstone Grand, a 300-unit multifamily community in Tempe, for $106.5 mil, or $355k per unit.

Located at 1003 W Washington St., Broadstone Grand is part of “The Grand at Papago Park Center,” a 60-acre planned community that includes 3.2 msf of office, hotel, retail and restaurant space. Hiking and biking paths throughout the property give residents easy access to miles of trails in the nearby Papago Park and Tempe Town Lake. The master planned community will also include a second multifamily property with 250 units.

Built in 2020, the Class A property is comprised of one-, two- and three-bedroom floor plans. Residences feature granite countertops, nine-foot ceilings, full-size washer/dryers, wood-style flooring, stainless steel appliances, tile backsplash, and modern cabinetry. Select units feature en-suite bathrooms with dual vanities, refrigerated wine racks, and walk-in closets. Community amenities include a resort-style pool area with waterfall feature, an indoor/outdoor pool house, a two-story state-of-the-art fitness center and a covered rooftop deck with lounge area.

Broadstone Grand sits adjacent to the Loop 202 Fwy, providing residents with immediate access to the region’s major employment centers from Downtown Phoenix and the Central Corridor to Downtown Tempe and Chandler. The property is also situated within walking distance of the Priest Drive/Washington Street and Center Parkway/Washington Street light rail stations. The 28.1-mile light rail system stretches from Mesa in the East Valley through Tempe to Downtown Phoenix and up to North Phoenix, connecting Broadstone Grand residents with employment hubs and entertainment complexes around the metro area.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the sellers, developer Alliance Residential Co and partner Appian Capital.

Since entering the market in May of this year, Los Angeles-based Decron has acquired three properties in Tempe totaling 772 units for $267.4 mil, making it the most active acquisition period in the company’s history. Decron’s initial goal was to acquire 1,000 units over 24 months, but the company has revamped its goal to 2,000 units over that time period.

“People are moving to Phoenix because jobs are moving there and because of its more affordable cost of living. With that affordability comes the opportunity to grow rents, which makes this market a very attractive market for us to continue to be active in,” said Decron CEO David Nagel, commenting on the firm’s acquisition efforts in the state.




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