Decron Properties scored more than $80 million in refinancing for an apartment complex in Ventura County.
The Los Angeles-based firm received an $82.9 million refinancing loan for the River Ranch apartments at 1518 Patricia Avenue in Simi Valley, Multi-Housing News reported. Fannie Mae provided the five-year fixed-rate loan for the 398-unit garden-style community.
The Fannie Mae financing will enable Decron to pay off existing bank debt for the property. Decron previously secured a $75 million loan from Signature Bank in 2022. The firm purchased River Ranch from Aimco in 2012 for $65.3 million, according to Yardi Matrix data cited by Multi-Housing News. Occupancy at the property was at 93 percent as of last month.
River Ranch opened in 1985 and was last renovated a decade ago. The community consists of one-, two- and three-bedroom apartments with amenities including a pool, fitness center, spa, dog park and clubhouse.
Decron has been present in Simi Valley for some time. In 2021, the firm sold 504 apartments across two residential properties in the Ventura County city to an unidentified private multifamily investor for $190 million. The 372-unit Sofi at Wood Ranch and 132-unit Overlook at Wood Ranch are both part of the larger 4,000-acre Wood Ranch community. Decron acquired the properties in 2017 in a trade with Sequoia that valued the properties at a total of $193 million.
In the fourth quarter of last year, vacant units in Ventura County increased 23 percent quarter-over-quarter and 34.6 percent year-over-year to 2,565 units, Infabode reported, citing NAI Capital Commercial’s Q4 2025 multifamily report. Developers delivered 635 new units in the fourth quarter, up from 490 in the previous quarter and 271 in Q4 2024.
Ventura County must plan for 24,452 new housing units by 2029 as part of its state-mandated housing goals. That includes 2,793 in Simi Valley, with 1,242 rental units set aside for low-income and very-low-income households.— Chris Malone Méndez
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