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PHOENIX — Decron Properties has acquired Ascent at Papago Park, an apartment property located at 4950 E. Van Buren St. in Phoenix, for $107.5 million. The 270-unit community features one-, two- and three-bedroom floor plans spread across 14 two-story residential buildings. It was built in 2007
The buyer plans to undertake a two-phase capital improvement program. The first phase will include upgrading the common areas and amenities and addressing any needed repairs or upgrades to the property’s infrastructure. The second phase will include an extensive renovation of all units, including installation of updated cabinetry, countertops and appliances.
The seller was not disclosed.