Decron Spends $82M on Apartment Complex

CHINO HILLS, CA—Decron Properties Corp. has purchased Village Crossing, a 440-unit apartment complex in Chino Hills, CA, from Invesco Real Estate for $82.2 million. The investor plans to spend an additional $9.2 million upgrading and renovating the property from a class-B to a class-A complex, making the total investment cost approximately $91.4 million.

Village Crossing is the perfect fit for the company’s investment strategy of purchasing value-add multifamily in infill suburban markets. “Since the start of the Great Recession, we’ve found that value-add multifamily projects offered the most attractive risk adjusted returns,” Daniel Nagel, VP of acquisitions and finance at Decron Properties Group, tells GlobeSt.com. “There is limited entitlement risk and the properties can be purchased and renovated at an all-in cost basis significantly less than new construction. This allows us to offer luxury apartment units at an affordable price point.” He adds that Village Crossing was attractive because of its close proximity to “the 71 freeway, which gives renters easy access to Orange County, San Bernardino County and L.A. County employers and is located within the Chino Hills school district, which is home to some of the best schools in Southern California.”