Decron’s Phoenix Acquisition Tally Grows with $101M Arrowhead Ranch Buy

Decron Properties continues to build a formidable portfolio of multifamily assets in the Phoenix MSA with its acquisition of Arrowhead Ranch by Baron, a 256-unit community in Glendale, AZ, for $101 million. With the addition of Arrowhead Ranch, Decron has now acquired 1,352 units in the Phoenix MSA in the last eight months among five properties in the submarkets of Tempe, Chandler and Glendale. The speed with which the Los Angeles-based multifamily real estate investment firm has built out its local portfolio has not gone unnoticed by brokers and Phoenix industry insiders, according to CEO David Nagel.

“Our ability to scale up so quickly in Phoenix sends a message to our investors and the industry that we have resources and capabilities to come into a new market and execute on deals with a high level of certainty,” Nagel said. “Brokers and sellers in Phoenix have learned we are willing to roll up our sleeves and get the deal done.”

Built in 1996, the property, which will be rebranded as The Lakes at Arrowhead Ranch, is located on a low-density site (16 units per acre) at 20250 North 57th Ave. in the master-planned community of Arrowhead Ranch. The traditional garden-style community offers a mix of one-, two- and three-bedroom apartment homes.

Steve Gebing, IPA executive managing director, and Cliff David, IPA executive managing director, represented the seller, Baron Properties, and procured the buyer, Decron Properties.