Decron Properties Expands AZ Portfolio with $106M Asset

TEMPE, AZ – Decron Properties has acquired a 300-unit multifamily community in Tempe, AZ for $106.5 million.

The acquired class A property, Broadstone Grand is a part the 60-acre planned community, The Grand at Papago Park Center, which includes 3.2 million square feet of office, hotel, retail and restaurant space, as well as hiking and biking paths. The master-planned community will also feature a second multifamily community with 250 units.

Located at 1003 W. Washington St., Broadstone Grand offers one-, two- and three-bedroom floorplans. The residential units feature granite countertops, nine-foot ceilings, in-unit washers and dryers, wood-style flooring, stainless steel appliances and tile backsplashes. Select units feature en-suite bathrooms, dual vanities, refrigerated wine racks and walk-in closets.

Built in 2020, the community offers amenities, such as a resort-style pool area, an indoor/outdoor pool house, a two-story state-of-the-art fitness center and a covered rooftop deck and lounge area.

The Los Angeles-based company entered the Phoenix-area market in May of 2021 and it has since acquired three properties in Tempe, totaling 772 units and $267.4 million. The firm’s rapid expansion into the market represents its most active acquisition period in its history. Decron Properties initially planned to purchase 1,000 units in the area in 24 months, but the company has since updated its goal to 2,000 units within the next year.

“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,” says David Nagel, CEO of Decron Properties. “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.”

Nagel adds, “People are moving to Phoenix because jobs are moving there and because of its more affordable cost of living. With that affordability comes the opportunity to grow rents, which makes this market a very attractive market for us to continue to be active in.”