Decron Properties Buys San Diego Luxury Community for $126M
The firm acquired the asset through a 1031 exchange.
Margo at The Society came online last year. Image courtesy of Decron Properties
Decron Properties has purchased Margo at The Society, a 240-unit luxury multifamily community in San Diego, for $125.5 million. This marks the company’s second acquisition in the market.
The firm acquired the asset through a 1031 exchange that involved the $102 million sale of Robles Apartments and the $69 million sale of Retreat at Thousand Oaks, two properties in Thousand Oaks, Calif. A portion of the funds were reinvested into Margo at The Society.
Completed last year, the community incorporates one-, two- and three-bedroom floorplans ranging between 634 and 1,845 square feet. Common-area amenities include a swimming pool, a fitness center, a clubhouse, lounge areas, meeting rooms and a dog park. Apartments feature washers and dryers, stainless steel appliances, keyless entry and Nest thermostat systems.
Located at 201 Del Sol Drive in the Mission Valley neighborhood, Margo at The Society is within walking distance of an abundance of dining options, retail centers and entertainment venues such as Fashion Valley Shopping Center. The community is also close to the Fashion Valley Trolley Station, Transit Center and Interstate 8, which provide easy access across the San Diego metropolitan area. San Diego International Airport, Balboa Park and University of San Diego are within a 6-mile radius.
