Decron Properties continues its acquisition spree in Phoenix, purchasing its eighth multifamily asset in the market for $128 million. Tamarron Apartments, a 328-unit garden-style community, is the Los Angeles-based real estate firm’s first acquisition in the West Valley, a booming submarket that is expected to grow to 2.1 million residents by 2030.
This purchase comes on the heels of Decron’s recent $107.5 million acquisition of Ascent at Papago Park, increasing its portfolio in the market to approximately 2,100 units.
“This acquisition in the West Valley now gives us exposure to the entire Phoenix MSA,” said Daniel Nagel, chief financial officer at Decron. “When we entered the market a year ago, our objective was to be in all of the growth areas of Phoenix; with this acquisition in the West Valley, our portfolio now successfully reflects that goal.”
Built in 2005, Tamarron Apartments features one-, two-, and three-bedroom floor plans in 42 two-story buildings. Decron plans to upgrade unit interiors and commons areas.
While the firm has expanded its Phoenix multifamily portfolio over the past year, Nagel said he believes plenty of runway exists for additional acquisitions.
“Yes, high interest rates make the ability to acquire assets more challenging than it was a year ago when we entered the market, but we plan to remain active moving forward,” added Nagel.
