Decron Properties Enters Seattle Apartment Market with $173M Acquisition
BOTHELL, WASH. — Decron Properties has purchased Avana 522 Apartments, a multifamily property located at 18101 126th Ave. NE in Bothell, for $173 million. The transaction marks the Los Angeles-based firm’s entry into the Pacific Northwest real estate market.
Situated on 56 acres, the 558-unit property was built in 1988 and expanded in 1999. The garden-style community features a mix of one-, two- and three-bedroom units. Community amenities include two outdoor pools, one indoor pool, two clubhouses, two fitness center, four playgrounds, indoor and outdoor basketball courts, tennis courts, picnic and barbecue areas, two pet parks, and an indoor movie theater.
Decron plans to implement a capital improvement program, including upgrading all unit interiors with stainless steel appliances, new kitchen cabinet doors and quartz countertops, and upgraded plumbing and electrical fixtures. The program will also upgrade the community areas, including the renovation of the clubhouses and pool areas, adding fire pits, new playground equipment and modernizing the two dog parks. Additionally, Decron plans to expand the capacity of the package locker facility.
Frank Bosl, Eli Hanecek and Jon Hallgrimson of CBRE’s Seattle office represented the undisclosed seller in the transaction.