Decron Properties Makes Ninth Phoenix Metro Acquisition
Los Angeles-based Decron Properties paid $91 million for The Wyatt, a 216-unit garden-style apartment in Gilbert. The company has acquired over $800 million of real estate in greater Phoenix in the last 15 months.
The recently-completed project is 65% leased. Decron Properties expects to get that number up to 95% in the next four month.
Decron’s Daniel Nagel believes their powerful presence will help them get new tenants, “Having a large inventory of properties in the Southeast Valley has created synergy between each of those properties and enables us to be able to feed leasing traffic from one project to the other.”
With its acquisition of The Wyatt, Decron’s unit count in the Phoenix MSA rises to 2,300 and its entire portfolio has increased to approximately 10,000 units.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.