MESA, ARIZONA  — Decron Properties capped off the most active year in the firm’s 30-year history with its acquisition of BB Living at Eastmark, a 132-unit multifamily Build to Rent (BTR) community in Mesa, AZ for $76 million.

In 2021, the Los Angeles-based real estate investment firm acquired six assets for $570 million, far outpacing the company’s previous record of  $345 million in acquisitions in 2018. The firm also disposed of another $413 million in assets during the year, producing transaction volume for the year of just under $1 billion.

With its acquisition of BB Living at Eastmark, Decron now has 1,482 units in the Phoenix MSA, all of them having been acquired in 2021. Having created an expansive footprint in Phoenix, Decron will use the same investment formula to recreate its success in other geographic markets as the firm continues to grow and diversify its portfolio outside of California, according to Decron CEO David Nagel.

“Our concerns about the current regulatory environment in California heightened our focus on investing outside of our home state in places like Arizona because of its more favorable regulatory environment and its robust population and job growth,” Nagel said. “As we look toward our next market, cities like Austin, Texas and Salt Lake City, Utah both meet those requirements as they represent lower cost markets with a lot of tech talent migration. It can be hard to break into a new market, but when you come with a reputation of successfully winning deals in other markets like we did in Seattle and Phoenix, we believe people will take us seriously. What we accomplished in Phoenix in a relatively short amount of time demonstrates we have the firepower needed to go into any market and win deals.”

The company’s next market needs to offer the kind of population, job and overall economic growth that made Phoenix attractive for apartment investment.  Affordability is also a critical component and compared to Seattle, San Jose, and Los Angeles, the Sun Belt and Rocky Mountain job center cities, offer that as well said Nagel.

Built in 2020, the 132-unit community is located in the master planned community of Eastmark at 5150 Inspirian Parkway. BB Living at Eastmark features three- and four-bedroom townhomes with attached two-car garages. Home interiors offer high-level amenities such as stainless steel appliances, custom cabinetry, granite countertops, wood-style tile flooring, SmartRent Home systems and a washer and dryer. Community amenities include resort pool and splash pad, basketball court, and clubhouse.

The opportunity to expand into the BTR product is something Decron hopes to do in other Phoenix submarkets and other Sun Belt cities. There are currently only 4,400 BTR units in the entire Phoenix MSA and less than 30 percent of that product is 3-bedroom or 4-bedroom product. Further the average unit size at the former BB Living community, to be rebranded as the Reserve at Eastmark, is 1,862 giving this product a feel of a true single-family home with the additional benefit of nearby amenities such as a pool, spa, kids playground and outdoor social areas.

“Adding this BTR asset and potentially others to our portfolio enables us to provide additional housing options for individuals and families looking to rent a home with a larger floor plan,” Nagel said. “We will use the momentum of our record setting year to continue to propel our company forward as we seek ways to diversify and expand the Decron brand in new markets and varied asset types.”

Decron Properties (https://www.decron.com/) is one of the largest privately owned real estate firms in California with 2022 revenues projected to be in excess of $250 million. Decron’s portfolio includes approximately 9,100 apartment units and 1 million square feet of office and retail centers throughout California, Washington and Arizona.

PIMA COUNTY, ARIZONA – Now that the holidays are done, it’s time to drop off that used cooking oil and grease you’ve been saving.

Gather it up and bring it over to Pima County Regional Wastewater Reclamation’s annual Grease Collection and Recycling Event Saturday, Jan. 8, from 9 a.m. to 1 p.m.

We’ll be at seven convenient locations all around the region. Come find us at the following sites:

• O’Rielly Chevrolet, 6160 E. Broadway Blvd.
• Pima Community College, West Campus, 2202 W. Anklam Road
• Pima Community College, Northwest Campus, 7600 N. Shannon Road
• Agua Nueva Water Reclamation Facility, 2947 W. Calle Agua Nueva
• Kino Sports Complex, 2500 E. Ajo Way
• Pima Community College, Desert Vista Campus, 5901 S. Calle Santa Cruz
• Sahuarita Town Hall Complex, 375 W. Sahuarita Center Way

Everyone who drops off their grease that day will be entered into a drawing for gift cards valued at up to $50! We will announce the winners on Jan. 12.

If you are unable to drop off your grease Jan. 8, you can recycle grease year-round at the Agua Nueva Water Reclamation Facility at 2947 W. Calle Agua Nueva. The facility is open for drop-off weekdays from 7 a.m. to 3 p.m.

You will be protecting our community’s pipes and doing something good for the environment. For more information, visit www.pima.gov/grease.

PHOENIX, Arizona – DAUM Commercial Real Estate Services has completed the sale of a fully leased industrial asset comprising four buildings totaling 110,679 square feet in the Deer Valley submarket of Phoenix, Arizona.

DAUM Executive Vice Presidents Chris Rogers and Trevor McKendry represented the seller, California-based private investment firm Greenwood & McKenzie, as well as procured the buyer, Mountain West, the industrial platform of Baron Properties, alongside Will Strong of Cushman & Wakefield.

“We’ve worked closely with the seller for several years, playing an instrumental role in helping to build a strategic investment portfolio of industrial properties in Deer Valley,” explains Rogers. “Based on the strength of the current industrial market and influx of institutional capital into the sector, we advised the firm to consider selling now, after seven years of ownership.”

Rogers notes that the DAUM team recognized an opportunity to collaborate with Strong, of Cushman & Wakefield’s National Capital Markets Group, in order to strategically source the best possible buyer and secure a strong purchase price.

McKendry adds: “We have deep experience in the submarket and comprehensive knowledge of current activity, including new tenants and developments underway like the TSMC plant, a $20 billion project that will bring a significant number of new jobs to the area. Based on this, we were well positioned to understand and communicate the true value of this asset.”

With a week of listing the buildings, the team received several offers from entities based throughout the country, including California, Colorado, New York, and Illinois, McKendry notes.

 “We ultimately sold to a Los Angeles-based buyer who recognized the exceptional outlook for Deer Valley, at a price that exceeded the seller’s initial expectations,” continues Rogers

The buildings, which are fully leased to 38 tenants total, are located at 23021, 23025, 23005, and 23015 North 15th Avenue in Phoenix, Arizona. They feature 20’ clear height, two shared truck wells, and 10’ by 12’ grade-level doors.