Decron Buys 2nd Seattle-Area Community for $79M
- Sep 19, 2019
Decron Properties has chalked up another Seattle-area deal by acquiring Indigo Springs, a 302-unit community in Kent, Wash., for $78.8 million. The purchase boosts Decron’s Pacific Northwest portfolio to 860 units, building on the company’s acquisition of Avana 522 in Bothell, Wash. for $173 million last November.
Indigo Springs, located at 11101 SE 208th St., provides one-, two- and three-bedroom homes. The pet-friendly community was built in phases in 1991 and 2015 and comes with a full range of amenities including a basketball court, community clubhouse, pool with hot tub spa, and fully refurbished fitness center. Partial upgrades have already been performed on 50 percent of the community, and Decron plans a capital improvement program to upgrade all units with more modern finishes. The buyer will also renovate and refurbish common area amenities by upgrading the indoor facilities and adding outdoor social areas.
The property is located just southeast of Seattle and has close proximity to various shopping and dining options, including a Safeway grocery store and Rite-Aid pharmacy just around the corner, as well as the scenic Panther Lake. David Young and Corey Marx with JLL marketed the asset on behalf of the seller, Kennedy Wilson, who bought it from Equity Residential in 2008.
Growing in the Pacific Northwest
The new acquisition brings Decron closer to its goal of building a 2,500-unit portfolio in the greater Seattle metro market over the next three to five years. The real estate development firm said it aims to spend an additional $400 million in the region over three years.