Buyer Plans Upgrades to 397-Unit Creekside Apts.
Decron Properties Corp. purchased the 397-unit garden style multifamily community at 1518 Patricia Ave. in the Los Angeles, CA, area for $70 million, or $176,322 per unit.
The complex was built in 1985 and covers 16 acres in Simi Valley. The Creekside Apartments feature 40 three-bedroom/two-bathroom units, 190 two-bedroom/two-bathroom units, 80 two-bedroom/one-bathroom units and 87 one-bedroom/one-bathroom units. Community amenities include two pools, a fitness center and a clubhouse. The investor plans to carry out extensive renovations to the common areas as well as upgrades.
The property is located near several retail and entertainment venues including Simi Valley Town Center, Mountain Gate Plaza and El Paseo Simi.
Marc Renard of Cushman & Wakefield represented the seller. Decron was self-represented.
For more information regarding this transaction, please refer to CoStar COMPS #2599250.