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Decron Properties recently purchased the 302-unit Indigo Springs apartments in Kent for $78.8M.
It is the second major purchase by the Los Angeles-based real estate development company this year, bringing its total Seattle-area multifamily assets to 860 units.
The building includes one-, two- and three-bedroom units that Decron plans to upgrade with modern finishes. It will also renovate the common area by adding outdoor areas and more indoor facilities.
Indigo Springs is located within 30 minutes of major employers, including Amazon, Google, Facebook, Expedia, T-Mobile, Starbucks and Costco.
In November, Decron purchased the 558-unit Avana 522 in Bothell for $173M. Decron plans to increase its Seattle-area portfolio to 2,500 in the next three to five years due to the region’s low unemployment rate, which hovers around 3%. The area’s annual job growth is 3.2%, which compares to the national average of 1.7%.
The company is in the process of shifting its portfolio from mixed-use to multifamily ahead of proposed changes to California’s Prop. 13. This summer, Decron CEO David Nagel said the company will be focusing its efforts on multifamily properties in Washington and California going forward.
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