Decron Sells Moorpark Apartment Complex for $133M

Decron Properties has sold an apartment complex in the Ventura County city of Moorpark for $133 million, as it continues offloading some of its Greater Los Angeles assets.

AEW Capital Management bought the 376-unit complex, named Ranch at Moorpark at 51 Majestic Court, according to an announcement from Decron on Thursday. The deal came to about $354,000 per unit.

It’s unclear how AEW financed the acquisition and the deed has not yet been recorded with the county. The firm did not respond to a request for comment.

Decron, which is based in Los Angeles, bought the property for $84 million in 2013, according to property records, or about $224,500 per unit. The firm renovated every apartment, plus common areas, and expanded parking.

Over the last six months, Decron has worked to sell off assets in and around Los Angeles, with plans to take those proceeds and put them to work in other markets.

“We’re looking at markets like San Diego, where we recently made a substantial acquisition, and places like Phoenix and Seattle where we already have created a significant portfolio,” Decron CEO David Nagel said in a statement.

In December and January, Decron sold two properties in the city of L.A. and two more in Thousand Oaks for a combined $212 million, Nagel told TRD earlier this year. All in all, the company’s cashouts sum to a total $345 million over the last six months.

In L.A., Nagel said Decron was particularly “disincentivized” to stay after the city of L.A.’s transfer taxes, known as Measure ULA, were passed.

“And what’s the next thing that’s going to happen that’s going to hurt us and prevent us from reinvesting in our properties as we would like to?” he said.