LA-based real estate firm acquires multifamily property in $107.5 million deal

Los Angeles-based real estate firm Decron Properties has announced its acquisition of Ascent, a multifamily community in Phoenix, for $107.5 million. Ascent is the first of the two acquisitions Decron expects to close in the next 30 days for a total of $235.5 million.

Decron will undertake a two-phase capital improvement program, according to its release. In the first phase, the firm will focus on repairing and upgrading the common areas and amenities of the property, which was built in 2007. After that, Decron will proceed with the second phase and start renovating all units (including installation of updated cabinetry, countertops, and appliances) to make it more “competitive” in the market.

“We are taking a systematic approach with our renovation strategy that will provide us with sustained growth,” said Decron CEO David Nagel. “We’re confident the market’s strong fundamentals will provide long-term viability for our properties and our ability to meet or surpass our investment goals.”