Decron Ramps Up Phoenix Acquisition Process

Decron Properties continued its rapid expansion into the Phoenix MSA with its recent acquisition of Broadstone Grand, a 300-unit multifamily community in Tempe for $106.5 million. Since entering the market in May of this year, the Los Angeles-based real estate investment company has acquired three properties in Tempe totaling 772 units for $267.4 million, making it the most active acquisition period in the company’s history.

Decron’s initial goal was to acquire 1,000 units in 24 months, but the company has revamped its goal to 2,000 units in that time period. The speed in which the company has been able to establish and increase its footprint in the Phoenix MSA is the direct result of the due diligence that the Decron team spent researching and establishing relationships in the market in 2020, according to Decron CEO David Nagel.

“We spent a lot of time ahead of our first acquisition doing diligence on properties in a very thorough manner and that has allowed us to move quickly and aggressively when opportunities present themselves,” Nagel said. “We’ve also developed relationships and credibility in the Arizona marketplace through our existing relationships in California which has enabled us to unearth these investment opportunities. Further, our lenders have done a phenomenal job of providing us with pricing that has given us an edge in our efforts to acquire all three properties.”

Located at 1003 W. Washington St., Broadstone Grand is part of The Grand at Papago Park Center, a 60-acre planned community.