search

The Real Deal Logo

Trending

Why law firm Goodwin Procter decided to switch San Francisco officesWhy law firm Goodwin Procter decided to switch San Francisco officesAdam Neumann says WeWork lied about his $650M offerAdam Neumann says WeWork lied about his $650M offerHearn, GEM face $275M Loop office foreclosureHearn, GEM face $275M Loop office foreclosureWeWork to close corporate HQ in bankruptcy restructuring WeWork to close corporate HQ in bankruptcy restructuring 
Commercial
Los Angeles

Decron sells Ventura County multifamily to AEW for $133M

In strategic exit, firm has sold $345M worth of SoCal assets in last six months

Decron Sells Moorpark Apartment Complex for $133M
Decron Properties’ David Nagel and AEW Capital Management CEO Jonathan Martin and 51 Majestic Court (Decron Properties, LinkedIn, Google Maps)

Decron Properties has sold an apartment complex in the Ventura County city of Moorpark for $133 million, as it continues offloading some of its Greater Los Angeles assets. 

AEW Capital Management bought the 376-unit complex, named Ranch at Moorpark at 51 Majestic Court, according to an announcement from Decron on Thursday. The deal came to about $354,000 per unit. 

It’s unclear how AEW financed the acquisition and the deed has not yet been recorded with the county. The firm did not respond to a request for comment. 

Decron, which is based in Los Angeles, bought the property for $84 million in 2013, according to property records, or about $224,500 per unit. The firm renovated every apartment, plus common areas, and expanded parking. 

Over the last six months, Decron has worked to sell off assets in and around Los Angeles, with plans to take those proceeds and put them to work in other markets. 

Sign Up for the undefined Newsletter

“We’re looking at markets like San Diego, where we recently made a substantial acquisition, and places like Phoenix and Seattle where we already have created a significant portfolio,” Decron CEO David Nagel said in a statement. 

In December and January, Decron sold two properties in the city of L.A. and two more in Thousand Oaks for a combined $212 million, Nagel told TRD earlier this year. All in all, the company’s cashouts sum to a total $345 million over the last six months. 

In L.A., Nagel said Decron was particularly “disincentivized” to stay after the city of L.A.’s transfer taxes, known as Measure ULA, were passed.

“And what’s the next thing that’s going to happen that’s going to hurt us and prevent us from reinvesting in our properties as we would like to?” he said.

Read more

Companies and People
AEW Capital Managementdecron properties
Tags
Investment SalesLA MultifamilyVentura County