L.A. firm buys 450-unit Carlsbad apt complex for $112M
A Los Angeles-based real estate and management firm purchased a 450-unit apartment complex last week in Carlsbad for $112 million and plans to sink more into renovations.
Decron Properties Corp. said the purchase is its first in the San Diego market. It also recently acquired properties in Mountain View and Walnut Creek.
"We’ve been looking at the San Diego market for quite some time,” Decron CEO David Nagel said in a news release. “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."
The firm has changed the name of the of the 29-acre complex, formerly known as Eaves Carlsbad, to The Reserve at Carlsbad.
Decron will spend $18.2 million to make improvements to the complex, including adjusting floor plans to accommodate larger bedrooms and patios. Some units will also get washer and dryers.
Nagel said the property's proximity to major freeways, retail and beaches made it an ideal spot to purchase.