Decron Pays $125M for Phoenix-Area Community
The property’s price has almost tripled since it last traded in 2015.
Avery on the Green. Image courtesy of Decron
Decron Properties has bought Avery on the Green, a 324-unit community in Chandler, Ariz., for $125.3 million. The seller was ConAm. The community last changed hands in 2015, when it was bought by ConAm from Aimco, for just $46.2 million.
Completed in 2000, the property features a mix of one- to three-bedroom floorplans ranging from 629 to 1,400 square feet, including townhouses. Common-area amenities include barbecue areas, a fitness center and a clubhouse. Interiors already feature some high-end finishes and balconies or patios, but the new owner plans to modernize all unit interiors and renovate the common areas.
Located at 125 S. Alma School Road, Avery on the Green is positioned within the Chandler School District and less than 2 miles west of downtown Chandler. A good number of parks are available within a 1-mile radius, with Arrowhead Meadows Park less than a mile northwest. Chandler Regional Medical Center is less than 2 miles southwest, while the Pollack Chandler Mercado shopping mall is less than 2 miles to the north.
The property is close to major employers such as Bank of America and Northrup Grumman. Chandler is home to Intel Arizona, with 12,000 employees and slated to hire 3,000 more.
Conquering the West
The asset is Decron’s first acquisition in Chandler, but its fourth in the Phoenix metro area in the last six months, with the last one being Broadstone Grand in Tempe, Ariz.
During this time, the company invested $400 million in growing its Arizona portfolio, CFO Daniel Nagel said in prepared remarks. He also added that the company bought each property with different brokers, acquiring 1,000 units, and aiming to reach 2,500 units in the market in the next year and a half. After having built scale in Phoenix, Decron plan to target Austin, Denver and Salt Lake City.
