MOUNTAIN VIEW, CALIF. — Decron Properties Corp. has purchased the 187-unit Highland Gardens apartment community in the Silicon Valley submarket of Mountain View for $86 million. The community is located at 222 and 234 Escuela.
Highland Gardens was built in 1964 and recently underwent a renovation. Common-area amenities include a resort-style swimming pool, fitness center, recreation areas and covered parking.
Decron plans to further upgrade the community. They will include a relocation and expansion of the fitness center, the creation of a Wi-Fi lounge, a new Jacuzzi/spa and enhanced landscaping with outdoor fire pits.
This acquisition is Decron’s first in the Bay Area. The firm has an additional $63-million worth of assets under contract that are set to close by the end of the month.
Decron is the development arm of the Nagel Family Trust, which owns and manages more than 5,000 multifamily units, primarily in Southern California. The firm plans to invest up to $350 million in the San Francisco Bay Area and Silicon Valley submarkets this year, according to David Nagel, Decron’s president and CEO.
The seller was a joint venture between Maximus Real Estate Partners and Rockpoint Group LLC. The transaction was executed by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors.