Avery is Decron’s Fourth Phoenix MSA Acquisition in Six Months

Multifamily investment firm Decron Properties added to its rapidly expanding footprint in the Phoenix MSA with the purchase of Avery on the Green, a 324-unit multifamily property in the submarket of Chandler for $125.25 million. Avery on the Green is Decron’s fourth acquisition in the Phoenix MSA in the last six months but its first in Chandler, which is the third-largest city in the metro area. With Avery on the Green, Decron’s local portfolio totals more than 1,100 units.

Decron’s nearly $400 million in investment activity in Phoenix in the last six months is part of the Los Angeles-based investment firm’s goal of growing its portfolio in the Western United States, according to Decron CFO Daniel Nagel.

“All four of the properties were acquired with different brokers, which is a testament to our process and our commitment to being a major investor in the market. Having hit our two-year goal of 1,000 units in six months, we’re readjusting our goal to 2,500 units in the market in the next 18 months,” said Nagel. “Our ability to quickly build scale in Phoenix in such a short time gives us confidence we can replicate this same kind of success in our other targets markets including Austin, Denver and Salt Lake City.” 

Built in 2000, Avery on the Green is a traditional garden-style community with a mix of one-, two- and three-bedroom apartment homes in 29 two-story residential buildings.