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L.A.-Based Decron Closes First of Two Phoenix Deals for $108M
Decron Properties has acquired Ascent at Papago Park, a 270-unit garden style multifamily asset in Phoenix for $107.8 million. The Los Angeles-based owner-operator is slated to close on a second Phoenix-area property within the next 30 days, bringing its total apartment footprint in the market to nearly 2,100 units.
Located at 4950 E Van Buren St. just north of Tempe, Ascent at Papago Park offers a mix of one-, two- and three-bedroom floor plans spread across 14 two- story residential buildings. Decron will undertake a two-phase capital improvement program, focusing first on common areas and then on renovation of all units.
“We are taking a systematic approach with our renovation strategy that will provide us with sustained growth,” said Decron CEO David Nagel. “We’re confident the market’s strong fundamentals will provide long-term viability for our properties, and our ability to meet or surpass our investment goals.”
- ◦Sale/Acquisition
