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Decron Enters Seattle MF Market with $173M Buy

In one of the largest multifamily transactions in Seattle this year, Decron Properties acquired Avana 522, a 558-unit multifamily property in Bothell, WA for $173 million. The transaction marks the Los Angeles-based real estate firm’s entry into the Pacific Northwest real estate market.

The low-density 56-acre community was built in 1988 and expanded in 1999. Decron will undertake a significant capital improvement program.

Avana’s high unit count allows Decron to immediately enter the Seattle market with scale through a single acquisition, and paves the way for additional investments in the Seattle MSA. Decron plans to invest approximately $400 million in the Seattle market over the next 36 months, according to Decron’s Daniel Nagel.

“Seattle and its submarkets are a significant job-creator market that benefits from a cluster of major employers with long-term growth prospects,” Nagel said.

CBRE’s Frank Bosl, Eli Hanecek, and Jon Hallgrimson represented the seller.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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