Decron Properties, in multifamily expansion mode, pushes into Warner Center

The investment firm has said it wants to sell off its office properties ahead of potential statewide property tax hike

Sep.September 24, 2019 03:00 PM
David Nagel
David Nagel

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.

Related Articles

From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

420 West 9th Street, San Pedro (Credit: Google Maps and iStock)

San Pedro’s apartment project pipeline is filling up

Mill Creek Residential CEO William MacDonald and Modera West LA (Credit: iStock)

One of nation’s biggest apartment builders scores $165M refi on West LA development

From left: Canyon Crest Views Apartments and Sunset Ridge Apartments

Multifamily investor Afton Properties adds nearly 1K units to portfolio

Blackstone CEO Stephen Schwarzman and TruAmerica CEO Robert Hart

Blackstone digs deeper into SoCal with massive rental portfolio buy

5800 Green Valley Cir, Culver City (Credit: Google Maps)

Jones & Jones buy multifamily property in bustling Culver City

Daniel Wrublin (right), principal of Dalan Management and Gregory Fowler, managing partner at FPA Multifamily with The Vue Apartment Homes in San Bernardino

A strong industrial market in San Bernardino is spurring a multifamily boom

Michael Sorochinsky, Steven Fifield, Mike Parrell, and Next on Sixth

Big deal: Sam Zell’s Equity Residential buys 398-unit Koreatown resi complex