Decron Adds to Phoenix Portfolio With $107M Buy
- Sep 06, 2021
Decron Properties has acquired Broadstone Grand, a 300-unit Class A community in Tempe, Ariz., for $106.5 million from its developers, Alliance Residential Co. and Appian Capital. The buyer is continuing its expansion in the Phoenix market, which started in May, with the purchase of Broadstone Rio Salado.
Decron secured a $65 million acquisition loan financed by Capital One, Maricopa County records show.
Located at 1003 W. Washington St., the community features one-, two- and three-bedroom units with floorplans ranging between 615 and 1,875 square feet. The 2020-completed property encompasses four buildings across a 6-acre site.
Broadstone Grand offers a variety of amenities including a swimming pool and spa, indoor/outdoor pool house, fitness center across two stories, clubroom, game room, rooftop deck with lounge area and grilling area.
The pet-friendly property is part of The Grand at Papago Park Center, a mixed-use development across 60 acres, that also has space dedicated to office, hospitality, retail and restaurant uses. Broadstone Grand is within 3 miles of Papago Park, Phoenix Sky Harbor International Airport and Arizona State University, with easy access to Loop 202. Downtown Phoenix is roughly 10 miles west.
Since entering the Phoenix market, Decron established a 772-unit footprint within the metro. The company also doubled its initial goal of purchasing 1,000 units over a two-year period.