Decron Pays $144M for Miracle Mile Apartments

Los Angeles-based Decron Properties has made its first acquisition in nearly two years, paying $144 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.”

Join the industry’s top multifamily decision-makers at Connect Apartments on September 22 in LA. Hear from the investors, developers, lenders, owners, and advisors shaping today’s apartment market through candid conversations, networking, and market insights. Register today at www.connectapts2026.com.