Decron Properties buys Phoenix Community for $91 million
Decron Properties acquired a multifamily property in Gilbert, Arizona, a submarket of Phoenix, for $91 million. The Wyatt is a 216-unit garden-style community formerly owned by Residential Thompson Thrift. Institutional Real Estate Advisors (IPA)a division of Marcus & Millichap, represented the seller and procured the buyer. Decron was also able to help secure the acquisition through its relationship with Citibank.
Located with direct frontage along Gilbert Road, the Wyatt has access to Chandler and Mesa. 2 miles away is the historic downtown Gilbert called the Heritage District, while 3 miles away is the new 250 acre Rivulon, home to Deloitte, Morgan Stanley, Amerifirst Financial and more. Residents will also be close to shopping at SanTan Village and Village Marketplace.
The Wyatt offers one-, two-, and three-bedroom apartments that average 980 square feet. Units have stainless steel appliances, granite countertops, wood-style vinyl flooring, washer and dryer, and are pet-friendly. Community amenities include a swimming pool, spa, fitness center, grilling stations, resident clubhouse, courtyard, playgrounds, and dog park.
Of a total of 216 apartments, 65% are currently occupied. Decron noted in a prepared statement that it aims to stabilize at 95% occupancy over the next four months.
Companies such as GoDaddy Software, Banner Health, and Dignity Health have established job centers in the Southeast Valley submarket, bringing many more residents to the area. Since 2010, Gilbert’s population has grown by nearly 20%, quickly outpacing the multi-family rental market. Greater Phoenix Metro experienced 1.3% population growth in 2021, while the Phoenix multifamily market had one of the best market performances in 2021.
Other Phoenix Acquisitions
Including The Wyatt, Decron now owns nine multifamily properties in the Phoenix metro area, comprising more than $800 million in real estate. The company has completed all of these acquisitions in the past 15 months, with the purchase of The Wyatt bringing Decron’s Phoenix apartment count to 2,300.
The Wyatt, completed in 2022, is one of many recent purchases in the Phoenix area. The Tamarron Apartments, acquired in April, were bought for $128 million, while Ascent at Papago Park cost $107.5 million.