Ranch at Moorpark sells for $133.2M
The Ranch at Moorpark, a 376-unit multifamily community in Moorpark, has been sold for $133.2 million, according to an April 11 report.
Decron Properties, one of the largest privately owned real estate firms in California, sold the property AEW Capital Management.
According to a press release, Decron acquired the asset, located at 51 Majestic Court in Ventura County, in 2013 for $84.4 million.
Decron completed a significant capital improvement program that included the complete renovation of all unit interiors, the expansion of covered parking options allowing for a 2-car garage for their 2-bedroom units and an expansive renovation to all the common areas, according to the press release.
“The execution of our business plan produced a high-quality community with more amenities than its competition. This plan generated substantially higher rents and in turn robust returns over a 10-year period, outperforming our original projection,” Decron CEO David J. Nagel said in a press release.
“Ranch at Moorpark is a large, well-located asset that still offers additional upside for an experienced operator like AEW Capital Management in a Ventura County market that is still seeing rent growth.”
The sale of Ranch at Moorpark is the latest in a series of Southern California dispositions that Los Angeles-based Decron has made over the past 6 months.
“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,” Nagel said. “Our objective is to make our portfolio younger and geographically more diverse.”
email: jmercado@pacbiztimes.com
