One of Los Angeles’ biggest landlords has added a new housing complex in Woodland Hills to its portfolio, as it continues to invest in multifamily properties and shed its office holdings.
Decron Properties paid $79 million for a 250-unit community in the Warner Center section, an area that has seen a surge in recent development. Property records reveal the seller was Pacific Urban Residential.
Called the Alura, the property at 6333 Canoga Avenue includes a mix of studio, one-, two- and three-bedroom units. Decron, which announced the purchase, said it plans to renovate the aging complex, which dates back to the late 1970s.
The building last traded for $19.9 million in 2012, records show.
Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented Palo Alto-based Pacific Urban.
Earlier this summer, Decron sold a 300,000-square-foot office tower in Huntington Beach to prolific developer Onni Group for $97.3 million. At the time, Decron said it was in the process of unloading some of its commercial assets in California ahead of the potential statewide property tax hike, Proposition 13.
Based in Mid-Wilshire, Decron owns around 8,230 multifamily units in the state. In July, the firm landed a $125 million refinancing loan for its 405-unit community near the Los Angeles International Airport. The company also owns apartment buildings in Westwood, West Hollywood and Koreatown, among others.