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8/02/16
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Decron Properties Corp has acquired Adagio at South Coast, a 349-unit multifamily apartment community in Santa Ana, for $96 mil ($275k/unit). The property was sold by Prime Residential.
Adagio at South Coast is a garden-style multifamily community built in 1974. Over the next few years, Decron plans to renovate unit interiors with shaker-style cabinets, quartz countertops, stainless steel appliances, vinyl plank flooring, and in-unit washers and dryers. Common Area upgrades will include a fully renovated fitness center and clubhouse, fire pits, outdoor lounge areas, resort style pool amenities, new BBQ areas, playground furnishings, dog parks, and added parking through the use of parking lifts.
“This community, built in the 1970s, is well-located, literally steps from MacArthur Boulevard, home to numerous companies and tens of thousands of jobs, and South Coast Plaza, California’s largest retail and lifestyle destination,” said David J. Nagel, President and CEO. “The community is ripe for a full repositioning, and after our improvement work is complete, we will compete very well against newer product and at a much lower price point than other communities in the submarket.”
Over the last 12 months, Decron has acquired 1,190 units in transactions totaling approximately $334 mil. Based in Los Angeles, Decron is a California-focused real estate investment and development firm that strategically acquires worn out apartment communities in thriving suburban markets, with close proximity to job centers, and then renovates them – inside and out – to meet the quality and standards of today’s renter.
Decron is no stranger to Orange County, with prior investments in Mission Viejo and La Habra and a nearby investment in Huntington Beach, where it owns a 300k sf, mixed-use retail and office project that is also being redeveloped into a higher and better use, now being rebranded as “Ocean Plaza.”
With the completion of this acquisition, Decron owns and manages 6,700 multifamily units across California, as well as 1.5 msf of commercial office and retail, in 55 communities.
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