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VENTURA COUNTY NEWS
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Simi Valley Res Community Fetches $70 Mil Price Tag

11/15/12

Here’s the scoop on a big Simi Valley multifamily acquisition, as Decron Properties Corp has purchased Creekside Apartments, a 397-unit, garden-style community situated on 16 acres. The residential complex, located at 1518 Patricia Ave, sold for $70 mil, or $176.3k/unit.

Decron intends to carry out substantial renovations to the common areas as well as unit upgrades that will enable the property to appreciate significantly in value over time. The company projects that the repositioning of the property will result in a cap rate to cost of better than 7% at the completion of its renovation program.

“Creekside offers a tremendous value-add opportunity for our investors,” said David J. Nagel, President and CEO of Decron Properties. “Rents are on the rise in the area, and with our planned upgrades, we see a very conservative risk profile here given that we’re really just going after what the market is already getting.”

Developed in 1985, Creekside Apartments features 40 three-bedroom/two-bath units, 190 two-bedroom/two-bath units, 80 two-bedroom/one-bath units and 87 one-bedroom/one-bath units, with current monthly rents ranging from $1,050 to $1,895. Apartments feature gas ranges and stoves, dishwashers, and garbage disposals, ceiling fans, and central air conditioning and heating. All units have their own private patio or balcony.

Community amenities include two pools, a fitness center, and clubhouse. Creekside Apartments is conveniently located near several retail and entertainment venues including Simi Valley Town Center, Mountain Gate Plaza, and El Paseo Simi.

Decron plans to invest $9 million in the property and execute an upgrade program that includes new cabinets and countertops, new appliances and flooring, and the installation of washers and dryers in every unit. The developer will also redesign the landscaping, clubhouse, fitness center, swimming pool decks, and the front entryway.

Marc Renard of Cushman & Wakefield represented the seller. Decron represented itself in the transaction. Over the past 24 months, Decron has acquired 2,200 residential units, making it one of the more active privately-held buyers in California’s multifamily marketplace.

Decron Properties Corp currently owns and manages over 4,700 residential units with another 460 in development. It also maintains and operates a sizeable portfolio of 3 msf of commercial office and retail space located throughout California.

As the real estate investment and development arm of the Nagel Family Trust, Decron has been an active owner and investor in California real estate for over 55 years. With assets in excess of $1.5 billion, the current portfolio includes retail centers, office buildings, multifamily apartment buildings, and marinas. Decron owns and operates over 7 msf of commercial and residential real estate in 55 different projects and communities.





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