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