Decron Buys $108M Phoenix Community

Ascent at Papago Park. Image courtesy of Decron Properties Decron Properties has bought Ascent at…

Ascent at Papago Park. Image courtesy of Decron Properties

Decron Properties has bought Ascent at Papago Park, a 270-unit community in Phoenix for $107.5 million. MG Properties Group sold the property, previously acquired in 2015 for $36.3 million, Yardi Matrix data shows.

Completed in 2007, Ascent at Papago Park spans 9.1 acres and comprises 14 buildings with one-, two- and three-bedroom apartments, ranging from 646 to 1,388 square feet with in-unit washers and dryers. Common-area amenities include a fitness center, business center, clubhouse, swimming pool and spa.

The company will implement a two-phase improvement plan at the garden-style community. The first phase includes upgrading the community areas and amenities, as well as repairing the infrastructure. The second phase will focus on in-unit upgrades, such as new cabinetry, countertops and appliances.

Located at 4950 E. Van Buren St., Ascent at Papago Park is within 6 miles of downtown Phoenix via East Van Buren Street. The community is less than 2 miles from Phoenix Zoo and several green areas. Tempe is also within 3 miles of the property.

Currently, the company’s portfolio encompasses nearly 9,000 units, Yardi Matrix data shows. Decron has been focusing on building a Phoenix portfolio, which will reach 2,100 units after closing on another property at the end of the month. Last year, the company paid $125.3 million for Avery on the Green, a 324-unit property in Chandler, Ariz., sold by ConAm.

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