The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
May 24, 2022
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Decron Properties Picks Up 270-Unit AZ Res Community in $107.5 Mil Transaction


Decron Properties has acquired Ascent at Papago Park, a 270-unit garden style multifamily asset in Phoenix, AZ, in a recent transaction worth $107.5 mil ($398k/unit). The purchase is the first of two acquisitions that the Los Angeles-based real estate investment firm will close in the next 30 days for a total of $235.5 mil.

Located at 4950 E Van Buren St. just north of Tempe, Ascent at Papago Park offers a mix of one-, two- and three-bedroom floor plans spread across 14 two- story residential buildings.

Decron will undertake a two-phase capital improvement program. In the first phase, the firm will focus its attention on upgrading the common areas and amenities to provide residents with Class A living environment. They will also make any needed repairs or upgrades to the property’s infrastructure, which was built in 2007.

In the second phase of the plan, Decron will initiate an extensive renovation of all units including installation of updated cabinetry, countertops, and appliances, making Ascent at Papago Park competitive with newer and more expensive inventory in the market.

Since May 2021, Decron has built a sizeable multifamily portfolio in Phoenix, which will total nearly 2,100 units with the closing of the second property at the end of April. Both properties are mid-2000 vintage and are located in submarkets where occupancy rates are averaging anywhere from 97% to 99%. The continued influx of new residents into the Phoenix MSA, has led to the pent-up demand for living space creating as much as 20 percent in rent premiums as units turn.

Decron will leverage its market knowledge to operate as efficiently as possible. Having a large portfolio of assets creates economies of scale and the ability to appeal to a larger pool of renters. This diversity of assets allows renters different options depending on their specific location preference and budget, according to Nagel.

After acquiring approximately $600 mil of assets in Phoenix in 2021 over the course of just eight months, Decron believes these early acquisitions can provide momentum toward even greater investment activity in 2022.

Return to the previous page





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2022 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media