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Decron Divests Moorpark Apartments After 10-Year Hold
Decron Properties has sold The Ranch at Moorpark, a 376-unit multifamily community in Moorpark, for $133.2 million. The buyer was AEW Capital Management.
Los Angeles-based Decron acquired the property, located at 51 Majestic Ct. in Ventura County and then known as The Fountains at Moorpark, for $84.4 million in October 2013. The company spent a reported $9.2 million on a capital improvement program that included the complete renovation of all unit interiors.
“The execution of our business plan produced a high-quality community with more amenities than its competition,” said Decron CEO David J. Nagel. “This plan generated substantially higher rents and in turn robust returns over a 10-year period, outperforming our original projection.”
The sale of Ranch at Moorpark follows Decron’s $171.25-million disposition of a two-property portfolio in Thousand Oaks this past December.
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- ◦Sale/Acquisition
