The Marlow Apartments has 142 units.

LOS ANGELES—Decron Properties has acquired atwo-property, 391-unit multifamily portfolio in ThousandOaks for $126.5 million from Prometheus Real Estate Group.The investor plans to spend an additional $15 million in capitalimprovements on the property with a five to 10 year hold period.This acquisition reaffirms Decron's commitment to buyingwell-located value-add properties in supply-constrainedmarkets.

“These two properties in Thousand Oaks are very much located inwhat we would call a vibrant suburban location,” DavidNagel, president and CEO of Decron Properties, tellsGlobeSt.com. “They are vibrant in the fact that this is a jobcenter market with many high-paying jobs, and because there areclose by retail amenities. People who live in this community canwalk to restaurants and retail, and that is unusual in a suburbanmarket. We feel that the people who live in these communities havethe benefit of an urban feel and the benefit of strong schoollocations. This Thousand Oaks portfolio is very much an acquisitionthat we are excited about.”

In addition to the A+ location, Thousand Oaks is also asupply-constrained market with nearly no development. According toNagel, the market has seen between 300 and 400 units developed overthe past 20 years. “That is so unusual,” he says. “To be able tohave an opportunity to buy 300 units in one shot is very unique andmade the competition for the purchase quite fierce.” Decronpurchased the portfolio in a fully marketed transaction byInstitutional Property Advisors, which had strongcompetition from other investors.