Decron Properties Refinances LA-Area Property for $83M
The owner purchased the property over a decade ago.
Decron Properties has received an $82.9 million refinancing loan for River Ranch Apartments, a 398-unit garden-style community located at at 1518 Patricia Ave. in Simi Valley, Calif. Fannie Mae provided the five-year fixed-rate loan in a transaction facilitated by BWE.
This permanent financing is paying off existing bank debt for the property. Decron had previously secured a $75 million loan from Signature Bank in 2022, according to Yardi Matrix.
Jake Roberts and Mike Guterman, senior vice presidents at BWE, originated the financing on behalf of the owner.
River Ranch opened in 1985 and was last renovated in 2016. The owner purchased the community from Aimco in 2012 for $65.3 million, Yardi Matrix shows. The community features one-, two- and three-bedroom apartments. Yardi Matrix shows the development as 93 percent occupied as of February.
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Units include washers and dryers, central air conditioning, dishwashers and wood flooring. Select apartments have balconies or patios. Shared amenities include a pool, a fitness center, a spa, a dog park and a clubhouse. Decron manages the property on-site.
The property is 40 miles outside of Los Angeles. An onramp to the Ronald Reagan Freeway is approximately half a mile north of the property.
Development slows down in LA
Supply in Los Angeles has remained solid over the last couple years. Asking rents declined 0.3 percent to $2,628 with occupancy at 95.9 percent, according to the latest Yardi Matrix report on the metro. Development starts in the area are slowing. Throughout 2025, there were 25,754 units under construction while 6,836 broke ground over the same period.
In January, a joint venture between Meta Housing Corp. and general contractor R.D. Olson Construction broke ground on De Soto a, 207-unit affordable housing project. The project, is taking shape in the city’s Woodland Hills neighborhood, is expected to come online in early 2028.
Last month, CIM Group opened Coro, a 168-unit mixed-income community. The West Adams property includes 17 affordable units and 40,000 square feet of ground floor retail space.
