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Decron Enters Seattle MF Market with $173M Buy
In one of the largest multifamily transactions in Seattle this year, Decron Properties acquired Avana 522, a 558-unit multifamily property in Bothell, WA for $173 million. The transaction marks the Los Angeles-based real estate firm’s entry into the Pacific Northwest real estate market.
The low-density 56-acre community was built in 1988 and expanded in 1999. Decron will undertake a significant capital improvement program.
Avana’s high unit count allows Decron to immediately enter the Seattle market with scale through a single acquisition, and paves the way for additional investments in the Seattle MSA. Decron plans to invest approximately $400 million in the Seattle market over the next 36 months, according to Decron’s Daniel Nagel.
“Seattle and its submarkets are a significant job-creator market that benefits from a cluster of major employers with long-term growth prospects,” Nagel said.
CBRE’s Frank Bosl, Eli Hanecek, and Jon Hallgrimson represented the seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


