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California investor buys Tempe apartments in second Valley acquisition

Wednesday, June 16, 2021   /   by Juan Grimaldo

California investor buys Tempe apartments in second Valley acquisition

A month after making the firm’s first acquisition in the Phoenix market, Los Angeles-based real estate investment firm Decron Properties bought its second property in the Valley, closing on the $64.7 million purchase of the apartment complex 1221 Broadway.

The purchase of the property, a 194-unit apartment complex in Tempe, brings Decron nearly halfway to its goal of buying 1,000 units in Phoenix in the next two years, Daniel Nagel, CFO of Decron, said. The company already has properties throughout Southern California. Its first Northern California purchase was in 2015 and first purchase in the Seattle area was in 2018.

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By Corina Vanek, Reporter - Phoenix Business Journal

The Grimaldo Group
Juan Grimaldo
2403 N Pebble Creek Pkwy #101
Goodyear, AZ 85395

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