Decron Properties has bought Ascent at Papago Park, a 270-unit community in Phoenix for $107.5 million. MG Properties Group sold the property, previously acquired in 2015 for $36.3 million, Yardi Matrix data shows.
Completed in 2007, Ascent at Papago Park spans 9.1 acres and comprises 14 buildings with one-, two- and three-bedroom apartments, ranging from 646 to 1,388 square feet with in-unit washers and dryers. Common-area amenities include a fitness center, business center, clubhouse, swimming pool and spa.
The company will implement a two-phase improvement plan at the garden-style community. The first phase includes upgrading the community areas and amenities, as well as repairing the infrastructure. The second phase will focus on in-unit upgrades, such as new cabinetry, countertops and appliances.
Located at 4950 E. Van Buren St., Ascent at Papago Park is within 6 miles of downtown Phoenix via East Van Buren Street. The community is less than 2 miles from Phoenix Zoo and several green areas. Tempe is also within 3 miles of the property.
Currently, the company’s portfolio encompasses nearly 9,000 units, Yardi Matrix data shows. Decron has been focusing on building a Phoenix portfolio, which will reach 2,100 units after closing on another property at the end of the month. Last year, the company paid $125.3 million for Avery on the Green, a 324-unit property in Chandler, Ariz., sold by ConAm.