Los Angeles, CA (Sept. 23, 2019) — Following nearly a decade of focus of seeking geographic diversity of its Multi-Family portfolio, Decron Properties has made its first investment in Los Angeles County since 2010 by acquiring Alura, a 250-unit multifamily property in Woodland Hills, CA for $79,000,000.
Decron Properties headquartered in Los Angeles was established in 1988 (previous to that it operated under the name of Nagel Construction). At that time it had 1148 units in its portfolio, all of which was located in LA County. Today that portfolio has grown to 3607 units in Los Angeles County but it also includes another 4627 units that are located in 9 other counties in the Western Region including locations all over Southern California, the Bay Area and the Pacific Northwest.
Alura is located in the heart of Woodland Hills’ Warner Center, an area that is undergoing a massive transformation into a true live-work-play community. The property puts residents within walking distance of just under 63,000 jobs (making it one of the largest employment hubs in the San Fernando Valley) and 3.4 million square feet of retail, providing this community to be in walking distance to the best that Warner Center has to offer.
Warner Center currently houses over seven million square feet of Class A office space and with developments in the works, that number could jump to more than 14 million square feet by 2035.
Built in 1977, Alura offers a mix of studio, one, two and three bedroom homes and represents a strong value-add opportunity. Decron will initiate a significant capital improvement plan to modernize the property’s interior units and its exterior common areas.
“Alura is a prime example of our investment strategy of acquiring and renovating value-add apartment communities in well-located, vibrant, suburban markets,” said Decron CEO David J. Nagel. “The Warner Center area is experiencing phenomenal growth. Our belief in that revitalization and the potential for future growth in office space (jobs) and retail opportunities were key elements to our decision to pursue this acquisition.”
With its acquisition of Alura, Decron increases its portfolio to 7,895,680 sq ft, which includes a Multi-Family portfolio of 8,234 units.
Gregory Harris, Kevin Green and Joseph Grabiec of IPA’s South Bay office marketed the property on behalf of the seller.