AEW Capital Pays $133M for LA-Area Asset
The property is under new ownership for the first time in more than a decade.

AEW Capital Management has acquired Ranch at Moorpark, a 376-unit multifamily community in Moorpark, Calif., west of Los Angeles. Decron Properties sold the asset for $133.2 million.
The property previously traded in 2013 for $84.2 million, according to Yardi Matrix data. In 2017, the asset became subject to an $82.9 million Fannie Mae CMBS loan due this May. The note carries a 4.13 percent fixed rate and was originated by Wells Fargo Bank.
Completed in 1987, the property comprises 37 two-story buildings with two- and three-bedroom floorplans ranging from 820 to 1,100 square feet. Common-area amenities now feature a fitness center, four swimming pools, four spas and a playground, Yardi Matrix data shows.
Previous ownership implemented extensive capital improvements including complete renovations of all units, expansion of parking options and the addition of new amenities. In prepared remarks, Decron CEO David Nagel said the plan generated considerably higher rents and returns, outperforming the company’s 10-year period projection.
Located at 51 Majestic Court, the roughly 16.4-acre property is off Los Angeles Avenue and some 50 miles west of downtown Los Angeles. The community is adjacent to Tuscany Square Shopping Center and within walking distance of Mission Bell Plaza Shopping Mall and the Moonpark train station.
Decron selling Los Angeles assets
The sale of Ranch at Moorpark comes as part of a series of Southern California dispositions that Decorn has executed over the past six months. At the end of last year, the firm sold a two-property portfolio in the Los Angeles area, totaling 399 units, for a combined $171.3 million. FPA Multifamily acquired the assets, assuming the outstanding balance of two CMBS notes.