Decron Properties Expands in California
- May 26, 2020
Rancho Luna Sol, a three-story multifamily community in the San Francisco Bay-area suburb of Fremont, Calif., has changed ownership. Decron Properties has acquired the 188-unit property for $71.5 million.
Built in 1980 on a 5.4-acre site at 3939 Monroe Ave., the Class C apartment community offers one- and two-bedroom units. Features and finishes include wood-style flooring, custom shaker cabinets, large-capacity washer-dryers in all units, energy-efficient appliances and private balconies or patios. Among the property’s most high-profile amenities is a seasonally-heated swimming pool for year-round use.
Rancho Luna Sol is situated in an Opportunity Zone north of Interstate 880 and has immediate access to Fremont Boulevard. In the past six years, the community has benefited from almost $8 million in exterior and interior improvements.
The acquisition of Rancho Luna Sol represents Decron Properies’ initial investment foray into Fremont, Bay Area’s fourth largest city that has seen ongoing expansion over the past few years.
Among the top technology employers relocating to the city in the recent past have been Tesla, whose 5.3 million-square-foot manufacturing plant employs more than 10,000 workers. Among other Fremont employers are Boston Scientific Corporation with 1,200 employees; Seagate Technology with 1,050 employees; and Western Digital Electronics with 1,300 employees. In May 2018, Facebook has launched a large expansion into Fremont. The one million square feet of space Facebook has leased could ultimately accommodate 20,000 workers.
Rancho Luna Sol is 1.3 miles from the Fremont BART station and the ACE Centerville train station. These stations provide residents access to East Bay, downtown San Francisco, the Peninsula and Silicon Valley job centers.
The acquisition of Rancho Luna Sol expanded Decron’s regional portfolio to 1,054 units across a half dozen multifamily communities.
Newmark Knight Frank’s Mark Leary, John McCulloch and Robert Le Doux represented both Decron and the seller in the transaction. Earlier this month, the same firm originated a $74.8 million loan for a multifamily property in Jacksonville, Fla.