eaves Carlsbad Apartments Brings $112M
CARLSBAD, CA—Decron Properties Corp., has acquired eaves Carlsbad, a 450-unit apartment complex in Carlsbad, CA, in a transaction valued at $112 million. The acquisition of marks Los Angeles-based Decron’s entry into the San Diego market and drives Decron’s total 2015 new acquisitions to almost $300 million. This is the firms single largest acquisition.
A real estate investment, development and management firm, Decron’s has a portfolio that includes 2.5 million square feet of commercial and retail space and 6,000 multifamily units located primarily in Southern California. With its recent acquisitions in Mountain View, Walnut Creek, and now Carlsbad, Decron now maintains a presence throughout California.
“We’ve been looking at the San Diego market for quite some time. It offers strong job growth, a highly educated customer base, and demand for quality housing remains extremely high,” said Decron CEO David Nagel. “The property’s location, with adjacent retail, easy freeway access, hiking trails, and nearby beaches, makes it a great option for today’s renters. As an investor, the competition to enter the market is extremely fierce, but with market fundamentals continuing to strengthen, we plan on growing our footprint in San Diego County.”
eaves Carlsbad is located in a prominent hillside location at 2262 Avenida Magnifica, less than two miles from the Pacific Ocean, with great street visibility and attractive surrounding neighborhood retail services. Offering a mix of studio, one- and two-bedroom floorplans, eaves Carlsbad is within walking distance of dining, shopping and entertainment including the newly remodeled Westfield Carlsbad Mall.
Decron will undertake an $18.2 million capital improvement program for the property, which sits on 29 acres. It will include significant interior upgrades, exterior enhancements and site improvements. Decron will adjust many of the units’ floor plans to include larger bedrooms, expanded kitchens and enlarged patios. Following the renovation, units will boast luxury amenities and finishes, including in-unit washer dryers (select units), stainless steel appliances, quartz countertops, plank flooring, wooden kitchen cabinets, and modern light fixtures. In anticipation of the major renovation, the property will be rebranded as The Reserve at Carlsbad.
The renovation also will include enhancing the areas around the two resort style swimming pools with rustic fire pits and outdoor kitchens and barbeques. New amenities such as bike/surfboard storage facilities and dog-wash stations will also be added. The property’s 13 existing grassy courtyards will be repurposed into alfresco lounge areas with upgraded landscaping and sophisticated furnishings.
Decron’s acquisition of the eaves Carlsbad follows its investment strategy of pursuing assets that present an opportunity to provide affordable luxury living to the middle class workers, young families and millennials in cities adjacent to major employment centers.
Decron Properties has been an active owner and investor in California real estate for over 55 years. With assets in excess of $1.5 billion, the current portfolio includes multifamily apartment buildings, retail centers and office buildings.