Decron Properties has acquired Alura for $79 million. The property is a 250-unit apartment complex in Warner Center in Woodland Hills. With this acquisition, Decron has 8,234 units.

Built in 1977, Alura offers a mix of studio, one, two and three bedroom homes and represents a strong value-add opportunity. Decron will initiate a significant capital improvement plan to modernize the property's interior units and its exterior common areas.

The Warner Center area is undergoing a massive transformation into a live-work-play community. The property puts residents within walking distance of just under 63,000 jobs—making it one of the largest employment hubs in the San Fernando Valley—as well as 3.4 million square feet of retail and entertainment outlets.