Decron Properties unloads 504 apartments in Simi Valley
Gets $190M for separate properties at Wood Ranch
Decron Properties has sold 504 apartments across two residential properties in Simi Valley.
The firm sold the Villas at Woodranch and the Overlook at Wood Ranch complexes to a private, unidentified multifamily investor for $190 million, according to REBusiness Online. The deal equates to $376,984 per unit.
The two properties are part of the larger 4,000-acre Wood Ranch complex at 241 Country Club Drive. The Villas comprise 372 apartments and the Overlook has 132 units. The two properties were built in 1986.
Los Angeles-based Decron acquired the properties in 2017 in a trade with Sequoia valued at $193 million. The deal involved a swap of the 264-unit Broadstone at Strawberry Creek complex in Sacramento, according to Multihousing News.
The sale of the Simi Valley apartments is an exception to a larger strategy for Decron, which has been shedding its commercial portfolio to refocus its holdings in multifamily since 2019. In September, the firm sold a big box retail store in Sun Valley to Charing Cross Partners for 61.8 million. The property is leased to Home Depot.
The Wood Ranch property also includes the Wood Ranch Country Club and a handful of other golf courses. The neighboring complexes are also across Madera Road from the Ronald Reagan Presidential Library in Simi Valley, a city of about 125,000 on the boundary line between Los Angeles and Ventura counties.
The units are a mix of one- and two-bedroom apartments ranging from 684 square feet to 924 square feet.
Both complexes have a slew of amenities, including pools, tennis courts, gyms, and barbeque areas.
The Marcus & Millichap division Institutional Property Advisors represented Decron Properties in the sale and procured a buyer. IPA also represented both parties in the 2017 Decron-Sequoia deal.
The firm also owns two properties in Seattle, Washington and one property in Phoenix, Arizona.
[REBusiness Online] — Dennis Lynch