Decron Properties acquires multifamily community in Tempe for $106m

Decron Properties has purchased Broadstone Grand, a 300-unit multifamily community in Tempe, Ariz., for $106.5 million. The seller was not disclosed.

Located at 1003 W Washington St., Broadstone Grand is part of The Grand at Papago Park Center, a 60-acre planned community that includes 3.2 million square feet of office, hotel, retail and restaurant space. Hiking and biking paths throughout the property give residents easy access to miles of trails in the nearby Papago Park and Tempe Town Lake. The master planned community will also include a second multifamily property with 250 units.

Built in 2020, the class A property is composed of one-, two- and three-bedroom floor plans. Residences feature granite countertops, nine-foot ceilings, full-size washer/dryers, wood-style flooring, stainless steel appliances, tile backsplash, and modern cabinetry. Select units feature refrigerated wine racks, en suite bathrooms with dual vanities, and walk-in closets. Community amenities