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4/29/22
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Decron Properties has acquired Tamarron Apartments, a 328-unit garden-style multifamily community in Phoenix, for $128 mil ($390k/unit). Tamarron, which comes on the heels of Decron’s recent $107.5 mil purchase of Ascent at Papago, increases Decron’s local portfolio to approximately 2,100 units.
Built in 2005, Tamarron is located at 4410 N 99th Ave. The community offers a mix of one-, two- and three-bedroom floor plans housed in 42 two-story residential buildings. Decron plans to make upgrades to both the units and common areas that will reflect the high standards of excellence residents of all Decron properties have come to expect.
While Tamarron is Decron’s eighth acquisition in Phoenix, it is the firm’s first in the West Valley, a booming submarket with 1.7 mil residents that is expected to grow to 2.1 mil by 2030. The growth has been fueled by an influx of large industrial and healthcare companies moving into the area.
To accommodate the migration into the area of companies such as Taiwan Semiconductor Manufacturing Company, KORE Energy and countless logistics companies, more than 25 msf of industrial buildings are currently under construction. Healthcare is another growing industry in the market, with 36% of all healthcare workers in Maricopa County living in the West Valley.
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