Decron Properties Enters TX Multifamily Market with $77 Million Austin Buy

LOS ANGELES - July 30, 2024 - PRLog -- Decron Properties has made its entry into the Austin real estate market with the $77.15 million acquisition of Citizen House Pflugerville (Citizen House), a 334-unit multifamily property in the North Austin submarket of Pflugerville.

Completed in 2023, Citizen House's high unit count allows Decron, which owns approximately 10,000 apartment units throughout California, Arizona and Washington, to immediately enter the Austin market with scale and paves the way for additional investments in the Austin MSA.

Citizen House is a garden-style apartment community offering one- and two-bedroom floor plans featuring top-of-the-line interior finishes that include gourmet kitchens, quartz countertops, stainless steel appliances, wood-style flooring, and oversized walk-in closets. The property also features extensive indoor and outdoor amenities, including a resort-style pool and spa, poolside cabanas, clubhouse with demonstration kitchen and coffer bar, a two-level fitness center with virtual training, outdoor entertainment lounge on-site bike storage, package lockers for resident deliveries and a dog park.

Located at 19365 Wilke Lane, the property's prime location near major employers like Dell, Emerson, Apple and Oracle is a significant demand driver for the property

The Los Angeles-based real estate investment, development and management firm plans to acquire 1,000 or more additional units in Austin over the course of the next 24 months, according to Decron CEO David Nagel. "Our objective in entering the Austin market is to continue to expand and fortify the Decron multifamily portfolio with strategic acquisitions in growing affordable markets with strong job stories, just as we did in Phoenix in 2020 - 2022," said Nagel.

Since entering that market, Decron has significantly grown its portfolio in Phoenix from one community of 276 units to 2,562 units in what is now a portfolio of 10 communities.

The firm's growth into the sunbelt and now Texas continues Decron's overall strategy of geographically expanding its portfolio beyond California and the West and making its portfolio younger with newly built assets in affordable markets.

About Decron

Decron Properties (www.decron.com) is one of the largest privately owned real estate firms in California. Decron's portfolio includes approximately 10,000 apartment units and 600,000-square feet of office and retail centers throughout California, Washington and Arizona.