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6/18/12
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Decron Properties Corp, a Los Angeles-based owner/developer, closed on its first Sacramento investment by acquiring Broadstone at Strawberry Creek, a 264-unit multifamily apartment community. Decron has been a very active player in California’s multifamily marketplace over the past 21 months, having secured $120 mil in financing and acquiring 1,800 residential units during that period.
“We are actively looking for infill deals in large employment areas throughout California and the Pacific Northwest,” said David Nagel, President of Decron Properties, “and the Sacramento market offers the high-quality product that meets these investment criteria. With a positive rental growth forecast, we see Sacramento as the next frontier in our multifamily portfolio.”
Developed in 2005, Broadstone at Strawberry Creek is located in a low-density, well-appointed community at the north end of the fast-growing Sacramento submarket of Elk Grove. It offers residents a state-of-the-art fitness center, business center with conference room, refreshing swimming pool with Wi-Fi, and picnic areas with barbecue grills, all set in expansive mature landscaping.
Spacious unit interiors averaging 1k sf offer modern fully equipped kitchens, full-size in-unit laundry, spacious walk-in closets, private patios and balconies with storage, and attractive architectural details. Broadstone at Strawberry Creek features 76 one-bedroom/one-bathroom units, 168 two-bedroom/two-bathroom units and 20 three-bedroom/two-bathroom units.
Stanford Jones and Philip Saglimbeni of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller. Ken Blomsterberg of Marcus & Millichap also worked with IPA to provide representation. “Over the past 18 months, we have seen measurable improvements in the Sacramento MSA apartment market,” says Saglimbeni. “Broadstone at Strawberry Creek is well positioned for future NOI growth and investor demand for assets in the area continues to strengthen.” Decron represented itself in the transaction.
Decron Properties Corp. currently owns and manages over 4,500 residential units with another 500 in development. It also maintains and operates a sizeable portfolio of 3.5 msf of commercial office and retail space located throughout California. Despite its considerable commercial holdings, Decron has specifically focused its recent growth on its multifamily platform including apartments, broken condos and note acquisitions. It has the ability to pay all-cash and close quickly.
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 bil, the current portfolio includes retail centers, office buildings, multifamily apartment buildings, and marinas. Decron owns and operates over 7 msf of commercial and residential property in 55 different projects and communities.
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