Decron Properties nabs $126.5M Thousand Oaks apartment portfolio
Mega-landlord Decron Properties Corp. has acquired a 391-unit apartment portfolio in Thousand Oaks for $126.5 million, the company announced Tuesday. The property adds to Decron’s already extensive holdings in the Ventura County communities of Simi Valley, Moorpark, and Thousand Oaks, which is on the border of L.A. and Ventura counties. The firm has snapped up more than 1,300 units for $400 million in California in the last 12 months, it said. The acquisition includes the 249-unit Los Robles Apartments and the 142-unit Marlow Apartments near Moorpark Road and U.S 10. The complexes date back to 1972 and 1966, respectively. Decron intends to renovate the properties and upgrade common areas to include new outdoor kitchens, fire pits and barbecues around the pool areas and renovated fitness centers. The apartments themselves will get new washer-dryers, vinyl plank flooring, new kitchen and bathroom cabinetry, stainless steel appliances and quartz countertops, the company said. “We saw how well the market responded to our renovations in Simi Valley and Moorpark, and are now applying a similar strategy to Thousand Oaks,” said David Nagel, President and CEO of Decron Properties, noting that the firm has been actively targeting aging apartment communities. The seller was Prometheus Real Estate Group, the largest private owner of multi-family properties in the San Francisco Bay Area.