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June 23, 2018
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INLAND EMPIRE NEWS
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$10 Mil Renovation Completed on 440-Unit SoCal Apartment Community

3/08/18

The Reserve at Chino Hills, a 440-unit garden-style apartment home community in Chino Hills, just re-opened to the public following a $10 mil renovation by its owners, LA-based Decron Properties Corp.

Decron acquired the property, then known as Village Crossing, in August 2014 for $82.25 mil and immediately began on an ambitious renovation plan. The property fit in with Decron’s investment strategy to acquire older, well-located value-add multifamily assets in suburban areas with strong school districts and, following renovations, still keep rents in line for the neighborhood.

After an investment of $21k per unit, rents for the studio, one- and two-bedroom units at Reserve at Chino Hills will range between $1,495 and $2,000 a month, which conforms with the three times rent/income multiple, for young families with an annual household income between $60,000 and $75,000.

Decron’s improvements to the unit interiors included completely renovated kitchens with granite countertops, wood-like vinyl plank flooring, modern lighting, stainless steel appliances, new hardware and fixtures, and in-unit washers and dryers. The community’s three pool areas were remodeled to include fire pits, resort-quality outdoor lounge furniture, and BBQ grills. Indoor-outdoor lanais were also added. Decron also built a start-of-the-art, two-story clubhouse, with a 1,500-square-foot fitness center and 1,000-square-foot WiFi lounge with billiards, large screen TV, video game room, and kids space.




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