LOS ANGELES—Decron Properties has acquired a two-property, 391-unit multifamily portfolio in Thousand Oaks for $126.5 million from Prometheus Real Estate Group. The investor plans to spend an additional $15 million in capital improvements on the property with a five to 10 year hold period. This acquisition reaffirms Decron’s commitment to buying well-located value-add properties in supply-constrained markets.

“These two properties in Thousand Oaks are very much located in what we would call a vibrant suburban location,” David Nagel, president and CEO of Decron Properties, tells GlobeSt.com. “They are vibrant in the fact that this is a job center market with many high-paying jobs, and because there are close by retail amenities. People who live in this community can walk to restaurants and retail, and that is unusual in a suburban market. We feel that the people who live in these communities have the benefit of an urban feel and the benefit of strong school locations. This Thousand Oaks portfolio is very much an acquisition that we are excited about.”

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