Decron Dives into Austin Market with Apartment Community Purchase

Decron Properties is tapping into one of the most popular multifamily markets in the country with a  purchase of Citizen House Pflugerville.

The property, located in North Austin at 19365 Wilke Lane, features a garden-style apartment community that is available to rent in one or two-bedroom floors. It contains 334 units in total.

The interior of the units contains stainless steel appliances, quartz countertops, wood flooring, and walk-in closets (described by Decron as “oversized”).  Also, various amenities can be found outside of the units including a pool and spa, a two-floor fitness center, an outdoor lounge, bike storage, poolside cabinets, package lockers, a dog park, and a clubhouse that contains a kitchen and coffee bar.

Citizen House, whose development was completed last year, is near major brands including Dell, Apple, Oracle, and Emerson.

The eagerness to enter the market might speak to the activity that Texas’ multifamily sector has been seeing. Dallas-Plano-Irving and Austin were among the top two metro areas seeing the biggest demand for apartments in the second quarter, according to a recent report from RealPage. Also, a Realtor.com ranking found Austin to be the most favorable market for tenants thanks to its rent-to-income ratio of 19.7 percent and a high vacancy rate of nine percent.

And it appears that Decron’s acquisition of Citizen House is just the beginning of its presence in Austin. The company said it intends to acquire at least another 1,000 apartment units in the city over the next two years. Plus, it follows Decron’s recent activity in other areas in the Sunbelt.

“Our objective in entering the Austin market is to continue to expand and fortify the Decron multifamily portfolio with strategic acquisitions in growing affordable markets with strong job stories, just as we did in Phoenix in 2020 – 2022,” David Nagel, CEO of the Los-Angeles-based real estate firm said.

In Phoenix alone, Decron grew its footprint from 276 to 2,562 units and is now in 10 communities there. Of course, the company has been known for its presence in California, with six commercial properties and roughly 10,000 multifamily units located in the state. In June, Decron purchased Mira Mesa Market West Shopping Center in San Diego for $99 million. That actually marked the firm’s first retail acquisition since 2008.