Decron Buys in Mountain View, Plans Further Bay-Area Investment

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.