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1/27/16
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Decron Properties Corp has acquired a 391-unit multifamily apartment portfolio in Thousand Oaks for $126.5 mil, or $324k/unit. The portfolio consists of the 249-unit Los Robles Apartments and the 142-unit Marlow Apartments, which were sold by Prometheus Real Estate Group.
The two properties are located approximately one mile from each other near Moorpark Rd and U.S 101. Los Robles was built in 1972, and Marlowe in 1966. Both apartment communities have swimming pools, clubhouses, and fitness centers, and large amounts of open space that Decron intends to use for creating enhanced amenities in the future.
Common area improvements will include new outdoor kitchens, fire pits and barbecues around the pool areas, renovations to the fitness centers and clubhouses and the addition of dog parks at both properties. Interior units will feature washer-dryer upgrades, vinyl plank flooring, new kitchen and bathroom cabinetry, stainless steel appliances, quartz countertops, and tile backsplash in the kitchen.
Los Angeles-based Decron has been an active value-add multifamily investor in California over the past 12 months, having acquired more than 1,300 units in transactions totaling $400 mil. The most recent acquisition underscores Decron’s investment strategy to acquire and renovate aging apartment communities in well-located, supply constrained, vibrant, suburban markets. Since acquiring its first Ventura County asset in 2012, Decron owns 1,200 units in the east Ventura County communities of Simi Valley, Moorpark, and Thousand Oaks.
“We saw how well the market responded to our renovations in Simi Valley and Moorpark, and are now applying a similar strategy to Thousand Oaks,” said David J. Nagel, President and CEO of Decron Properties. “Thousand Oaks is the premier city in the County, and we’re looking forward to creating quality housing options for renters in this submarket.”
As the second largest city in Ventura County, Thousand Oaks has an average household income 26 percent higher than the rest of the county. Even as the city’s population has grown, there has been limited new apartment construction.
“This has created a tremendous supply-demand imbalance in a growing submarket, where many households have been priced out of home ownership,” added Nagel.
Ventura County’s median home prices have increased 10.9 percent in the last year, according to DataQuick, a research firm. In Thousand Oaks, the average home price is $620k, which is 22 percent higher than the average homes in the County.
With the completion of this acquisition, Decron owns and manages approximately 6,500 multifamily units, as well as 1.5 msf of commercial office and retail shopping centers, in 55 projects, across California and Nevada.
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