Decron Properties has bought the 328-unit Tamarron Apartments in Phoenix for $128 million from a private owner. This community is the company’s eighth multifamily purchase in the market and brings its local portfolio to roughly 2,100 units. Decron plans to improve both the community’s units and common areas.
Built in 2005, Tamarron comprises one- to three-bedroom floorplans, ranging from 950 square feet to 1,118 square feet, according to Yardi Matrix data. The community has 42 two-story buildings, with amenities including a fitness center, business center, clubhouse, volleyball court, basketball court, pool and spa. According to the same data provider, the property last traded in 2016, when the now-seller purchased it for $38.3 million using a $27.7 million loan originated by Walker & Dunlop.
Located at 4410 North 99th Ave., Tamarron is Decron’s first property in the metro’s burgeoning West Valley. Downtown Phoenix is some 15 miles southeast from the property, via Interstate 10. A Walmart Superstore and a good number of other retail and dining options are available 1 mile to the north.
Earlier this month, Decron also acquired the 270-unit Ascent at Papago Park, for $107.5 million. The company has plans to implement a two-phase improvement plan at the community.