Chino Hills, CA (March 7, 2018) – Decron Properties Corp. celebrated the grand re- opening of the Reserve at Chino Hills following the Los Angeles-based investment company’s $10 million renovation of the 440-unit garden style apartment home community in Chino Hills, CA.
Approximately 100 people were in attendance, including representatives from Chino Hills Mayor Ray Marquez, US Representative Ed Royce (R-CA 39th District), and California Assemblyman Phillip Chen (R-55th District) to tour the remodeled 22-acre property located at 4200 Village Drive.
Decron acquired the property, then known as Village Crossing in August 2014 for $82.25 million and immediately began one of the most ambitious renovation plans in the firm’s history. Reserve at Chino Hills is an example of Decron’s investment strategy to acquired older, well-located value add multifamily assets in suburban areas with strong school districts, and following renovation can still keep rents in line for the neighborhood.
After an investment of $21,000 per unit, rents for the studio, one- and two-bedroom units at the Reserve at Chino Hills will range between $1,495 and $2,000 a month, which conforms with the three times rent/income multiple, for young families with an annual household income between $60,000 and $75,000. This compares favorably to the majority of renters in the region who spend at least half their income on rent, making Los Angeles one of the most expensive rental markets in the United States.
“Most rental housing in Los Angeles is either too expensive or too old and lacking the amenities today’s renters want,” said Decron CEO David Nagel. “We took the best of what the property had to offer and enhanced it to create an affordable luxury living environment that is within the reach of most working families in Los Angeles. The result is an apartment community with a resort feel, that our residents can be proud to call home.”
Decron’s improvements to the unit interiors included completely renovated kitchens with granite countertops, wood-like vinyl plank flooring, modern lighting, stainless steel appliances, new hardware and fixtures, and in-unit washers and dryers. The community’s three pool areas were remodeled to include fire pits, resort-quality outdoor lounge furniture, and BBQ grills. Indoor-outdoor lanais were also added. Decron also built a start-of-the-art, two-story clubhouse, with a 1,500-square-foot fitness center and 1,000-square-foot WiFi lounge with billiards, large screen TV, video game room, and kids space.