Decron Properties has acquired Woodland Hills, California-based Alura, a multifamily property. The purchase price was $79 million.
Los Angeles, CA (Sept. 24, 2019) —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 million.
Alura is located in the heart of Woodland Hills’ Warner Center, an area that is undergoing a massive transformation into a 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) as well as 3.4 million square feet of retail and entertainment outlets.
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.”
Los Angeles-based Decron Properties has successfully grown its portfolio over the past 31 years. In 1988, Decron had 1,148 units in its portfolio, all of which was located in Los Angeles County. With its acquisition of Alura, Decron’s multifamily portfolio increases to 8,234 units. It owns and operates 3,607 units in Los Angeles County as well as 4,627 units that are located throughout the rest of California and the Pacific Northwest.
Gregory Harris, Kevin Green and Joseph Grabiec of IPA’s South Bay office marketed the property on behalf of the seller.
Decron is one of the largest privately-owned real estate firms in California with 2019 Revenues projected to be in excess of $225 million. Decron’s portfolio includes approximately 8,250 apartment units and 1.5 million square feet of office and retail centers throughout California and Washington.