GLENDALE, AZ—Los Angeles-based Decron Properties has acquired Hangar at Thunderbird (Hangar), a 266-unit gated luxury multifamily community located in Glendale, AZ for $69 million. The acquisition was part of a 1031 exchange following the firm's successful disposition of two older properties in Ventura County, CA, 60 miles west of downtown Los Angeles.
The 1031 Exchange is an example of Decron's ongoing strategy to geographically diversify its 10,000-unit multifamily portfolio with newer assets not restricted by city or statewide rent control, according to a prepared release.
Decron acquired Hangar for $260,000 a unit, far below the average cost of $350,000 a unit that buyers were paying at height of the market in 2021-2022 according to Decron CEO David J Nagel.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
