Decron Properties has acquired Ascent at Papago Park, a 270-unit garden-style multifamily asset in Phoenix for $107 million.
Located at 4950 E. Van Buren St. just north of Tempe, Ascent at Papago Park offers a mix of one-, two- and three-bedroom floorplans spread across 14 two-story residential buildings.
Decron will undertake a two-phase capital improvement program. In the first phase, the firm will focus its attention on upgrading the common areas and amenities to provide residents with class A living environment. They will also make any needed repairs or upgrades to the property’s infrastructure, which was built in 2007. In the second phase of the plan, Decron will initiate an extensive renovation of all units including installation of updated cabinetry, countertops, and appliances, making Ascent at Papago Park competitive with newer and more expensive inventory in the market.
“We are taking a systematic approach with our renovation strategy that will pro
