Decron Pays $114M for Miracle Mile Apartments

Los Angeles-based Decron Properties has made its first acquisition in nearly two years, paying $114 million for an apartment complex along LA’s Miracle Mile. Decron bought 5550 Wilshire Blvd., a 163-unit complex, from Boston-based GID, which acquired the property in 2023, LA Business First reported. JLL’s Blake Rogers represented the seller and buyer.

Developed in 2010 by Legacy Partners, 5550 Wilshire has a unit mix of one-, two- and three-bedroom apartments and townhomes. The property also has parking for 480 vehicles and nearly 14,700 square feet of ground-floor retail.

“Our growth-market strategy has never been a referendum on Los Angeles,” Decron president and CEO David Nagle told Business First. “For a period, the risk-adjusted returns here simply weren’t competitive with what we were finding in the Sun Belt markets. We continue to see attractive long-term fundamentals in markets outside California, but Los Angeles remains one of the nation’s most important and chronically undersupplied housing markets.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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