The property is a 256-unit community in Glendale, Arizona. Decron Properties acquired 1,352 units in the Phoenix area in the last eight months spread across five properties.
“Our ability to scale up so quickly in Phoenix sends a message to our investors and the industry that we have resources and capabilities to come into a new market and execute on deals with a high level of certainty,” David Nagel, chief executive of Decron Properties, said in a statement. “Brokers and sellers in Phoenix have learned we are willing to roll up our sleeves and get the deal done.”
Arrowhead Ranch was built in 1996. Decron Properties plans to rebrand the site as The Lakes at Arrowhead Ranch. The garden-style community has one-, two- and three-bedroom units.
One of Decron Properties’ other major acquisitions in Phoenix was Broadstone Grand, which the company purchased earlier this year, also for roughly $100 million. The 300-unit community is in Tempe, Arizona.
Decron Properties previously focused on California, before expanding to Washington and Arizona. The company is looking to expand into other areas as well.
“We are reducing our exposure in the rent-controlled markets of California and are instead focusing our growth efforts in nonrent-controlled markets that offer substantial population growth and job growth like Phoenix,” Nagel said in a statement.
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