Los Angeles-based Decron Properties Corp. has made its first San Diego County purchase. Decron has acquired the 450-unit Eaves Carlsbad apartment complex in Carlsbad, which was formerly operated by AvalonBay Communities, for $112 million.
Decron plans to spend $18.2 million to renovate the property, making both interior and exterior improvements. The company is also re-branding the complex, changing its name to The Reserve at Carlsbad.
The Decron Carlsbad acquisition follows a string of buys around the state for the firm. So far this year, Decron Properties Corp. has purchased more than $300 million in assets.