Decron Divests of Two-Property Multifamily Portfolio in Simi Valley, California for $190M
SIMI VALLEY, CALIF. — Decron Properties has completed the disposition of a two-property apartment property in Simi Valley. An undisclosed, private multifamily investment firm acquired the 504-unit portfolio for $190 million, or $376,984 per unit.
The portfolio includes the 372-unit The Villas at Woodranch and the 132-unit Overlook at Woodranch. Both communities were constructed in 1986. Community amenities include two pools, tennis courts, fitness center and barbecue areas. Apartments feature hardwood floors, vaulted ceilings, bay windows and balconies.
Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.