Decron Properties Buys Phoenix Community for $91M

The Wyatt. Image courtesy of Decron Properties The Wyatt. Image courtesy of Decron Properties Decron…

The Wyatt. Image courtesy of Decron Properties

Decron Properties has acquired a multifamily property in Gilbert, Ariz., a submarket of Phoenix, for $91 million. The Wyatt is a 216-unit garden-style community formerly owned by Thompson Thrift Residential. Institutional Property 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. Two miles away is Gilbert’s historic downtown called the Heritage District, while 3 miles away is the new 250-acre Rivulon, housing Deloitte, Morgan Stanley, Amerifirst Financial and more. Residents will also be in proximity to shopping at SanTan Village and Village Marketplace.

The Wyatt features one-, two- and three-bedroom apartments with an average of 980 square feet. Units have stainless steel appliances, granite countertops, wood-style vinyl flooring, washer and dryers and are pet friendly. The community amenities include a pool, spa, fitness center, grilling stations, resident clubhouse, courtyard, gaming areas and a dog park.

Of the total 216 apartments, 65 percent are currently occupied. Decron noted in a prepared statement it is aiming to stabilize at 95 percent occupancy within the next four months.

Companies such as GoDaddy Software, Banner Health and Dignity Health have created job centers in the Southeast Valley submarket, drawing significantly more residents to the area. Since 2010, Gilbert’s population has spiked almost 20 percent, rapidly outpacing the multifamily rental market. The larger Phoenix metro experienced 1.3 percent population growth in 2021, while the Phoenix multifamily market had one of the best market performances of 2021.

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Other Phoenix Acquisitions

Including The Wyatt, Decron now has nine multifamily properties in the Phoenix metropolitan area comprising over $800 million worth of real estate. The company has made all these acquisitions in the last 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 several recent Phoenix-area purchases. The Tamarron Apartments, acquired in April, was purchased for $128 million, while Ascent at Papago Park cost $107.5 million.