Decron Properties has purchased Avery on the Green, a 324-unit multifamily property in the Phoenix submarket of Chandler, Ariz., for $125.25 million.
Avery on the Green is Decron’s fourth acquisition in the Phoenix MSA in the past six months but its first in Chandler, which is third-largest city within the Phoenix metro area. With Avery on the Green, Decron’s local portfolio totals more than 1,100 units.
Decron’s nearly $400 million in investment activity in Phoenix during the past six months is part of the Los Angeles–based based real estate investment firm’s goal of growing its portfolio in the western United States, according to Daniel Nagel, CFO of Decron.
“All four of the properties were acquired with different brokers, which is a testament to our process and our commitment to being a major investor in the market. Having hit our two-year goal of 1,000 units in six months, we’re readjusting our goal to 2,500 units in the market in the next 18 m
