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7/29/22
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Decron Properties has acquired The Wyatt, a 216-unit garden-style apartment community in the Phoenix submarket of Gilbert, AZ, for $91 mil, or $421k/unit.
Completed earlier in 2022, The Wyatt offers a mix of one-, two-and three-bedroom floor plans averaging 980 sf in size. Units feature open-concept floor plans with nine-foot ceilings, stainless steel appliances, granite kitchen island countertops, wood-style vinyl plank flooring and full-sized washer/dryers. The community features condominium-quality interior finishes and abundant community amenities, including a resort-style pool and spa, outdoor grilling and gaming area, state-of-the-art fitness center, and dog park and washing station.
Decron plans to stabilize the new property, which at 65% occupancy is in the middle of lease-up. Given the velocity of leasing activity since its opening, Decron expects to be able to stabilize at 95% occupancy in the next four months.
In the past year, Phoenix had the third largest rent growth among the top 10 U.S. markets while experiencing population growth of 1.3%, placing it among the fastest growing metros in the country. Newcomers continue to be drawn to the market’s affordability, job opportunities and attractive lifestyle. A large imbalance between multifamily supply and demand continues, which should create on-going growth in the future.
Renters are drawn to the Southeast Valley submarket because of its highly rated schools, suburban lifestyle and easy commute to nearby job centers. Gilbert's population has increased by nearly 20% since 2010, one of the fastest growth rates within the Phoenix MSA. Major employers include GoDaddy Software, Banner Health and Dignity Health. Deloitte recently established a tech hub that will employ up to 2,500 high-wage workers just four miles south of the The Wyatt.
With its acquisition of The Wyatt, Decron’s unit count in the Phoenix MSA rises to 2300 and its entire portfolio has increased to approximately 10,000 units.
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