Decron Properties has acquired The Wyatt, a 216-unit garden-style apartment community in the Phoenix submarket of Gilbert, AZ, for $91 million. It is the ninth property for Decron in the Phoenix metro overall and seventh in the Southeast Valley. The Los Angeles-based real estate investment firm has acquired over $800 million of real estate in the greater Phoenix market in the last 15 months.

Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller Thompson Thrift Residential, and procured the buyer, Decron Properties in the transaction. 

"One of the nation's most prosperous large cities, Gilbert is a top suburban submarket target for multifamily investment in Greater Phoenix," Gebing said in prepared remarks. "The city attracts an affluent resident base of working professionals with average and median annual household incomes of $128,100 and $99,800, respectively. Population growth has outpaced multifamily supply by a multiple of eight since 2010, creating above average physical occupancy and extremely strong rent growth."