Decron Acquires MF Community in Fremont, CA for $72M
Decron Properties acquired Rancho Luna Sol, a 188-unit multifamily community in Fremont, CA, for $71.5 million. This is Decron’s first acquisition in Fremont, and boosts its regional portfolio to 1,054 units across six properties.
Decron’s David J. Nagel says, “The acquisition of Rancho Luna Sol is a result of our ability, along with our investors, to successfully raise the $26.5 million in equity that it took to purchase the property. It’s also a result of our strong relationship with Citibank, which provided us with the interest-only financing that allowed us to complete the transaction.”
Rancho Luna Sol is located at 3939 Monroe Ave., 1.3 miles from both the Fremont BART station and ACE Centerville train station. Built in 1980, the property offers one and two-bedroom floor plans. Nearly $8 million has been invested in interior and exterior improvements to the property over the past six years.
NKF’s Mark Leary, John McCulloch and Robert Le Doux represented both parties.
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