MOUNTAIN VIEW, CA—Decron Properties Corp, has agreed to spend $86 million to acquire Highland Gardens, a 187-unit garden-style apartment community here.
The acquisition of Highland Gardens marks Decron's entry into the Bay-Area multifamily market, with another $63 million of assets currently under contract to close by the end of the month. The Los Angeles-based real estate investment and development arm of the Nagel Family Trust owns and manages more than 5,000 multifamily units primarily in Southern California. The firm plans to invest up to $350 million in the San Francisco / San Jose / Bay Area submarket in 2015, according to president and CEO David Nagel.
“This was a rare opportunity to acquire an institutional quality apartment community in one of the highest rent growth areas in the country,” Nagel said. “Demand for quality rental housing remains robust throughout the entire Bay Area driven by job growth in the technology sector.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
