WALNUT CREEK, CALIF. — Decron Properties has acquired a two-property multifamily portfolio in the San Francisco Bay Area submarket of Walnut Creek for a total of $63 million. The portfolio includes the 152-unit Creekside Glen complex and the 99-unit Cypress Creek complex, which are both located in the city’s downtown area.
Decron plans to invest up to $16 million to upgrade the properties, which were built in the early ‘60s. The Walnut Creek portfolio is in keeping with Decron’s strategy of acquiring assets that have upside potential in attractive suburban areas near markets with strong job growth.
Decron plans to renovate the interiors with luxury finishes, providing full-size washers and dryers to each unit, enhancing community facilities and modernizing the exterior. The upgrades will include the installation of high-quality flooring, new cabinets, stone countertops, stainless steel appliances and six-panel doors, creating a resort-style swimming pool and barbecue areas and adding resident lounges and leasing offices.
The Walnut Creek purchase falls on the heels of Decron’s recent acquisition of a 187-unit, garden-style apartment community in nearby Mountain View for $86 million. The company also just announced its disposition of a Southern California-based shopping center portfolio for $108.5 million.
Decron says it’s nearly halfway to its goal of purchasing $350 million of apartment properties in the San Francisco Bay Area this year. The Walnut Creek transaction was executed by the Jones-Saglimbeni Team of Institutional Property Advisors.