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Decron Properties Grows Its Phoenix Res Portfolio with $101 Mil Purchase of 256 Units

12/14/21

Decron Properties acquired Arrowhead Ranch by Baron, a 256-unit community located in Glendale, AZ, for $101 mil, or $394.5k/unit. With the addition of Arrowhead Ranch, Decron has now acquired 1,352 units in the Phoenix MSA over the last eight months among five properties in the submarkets of Tempe, Chandler and Glendale.

Built in 1996, the property, which will be rebranded as The Lakes at Arrowhead Ranch, is located on a low-density site (±16 units per acre) at 20250 North 57th Ave in the master-planned community of Arrowhead Ranch, one of the Northwest Valley’s most coveted suburban neighborhoods. The traditional garden-style community offers a mix of one- two- and three-bedroom apartment homes that feature upscale amenities in both the units and the common areas.

Arrowhead Ranch is adjacent to the Loop 101, giving residents access to multiple employment hubs across Glendale and Phoenix, such as the Deer Valley & Interstate 17 (I-17) Employment Corridor, home to such Fortune 500 companies as Well Fargo, Honeywell, United Health Group, Discover Financial Services, USAA, and FedEx.

Having created a significant presence in California, Washington and Arizona, Decron is starting the process of looking for its next market for expansion. The firm is looking to reduce its exposure in the rent-controlled markets of California and is instead focusing its growth efforts in non-rent controlled markets that offer substantial population growth and job growth like Phoenix, according to CEO David Nagel.




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