Los Angeles-Based Investor Grows Bay Area Multifamily Portfolio
Los Angeles-based Decron Properties Corp. has added an apartment complex to its Bay Area portfolio. It acquired the 220-unit Bridgecourt apartment complex in Emeryville for $87.4M, bringing its Bay Area multifamily footprint to 650 units. The seller was a JV between Bascom Group and Carlyle Group. Moran & Co. represented both parties.
The purchase is part of the company’s plans to build its Bay Area portfolio by over 1,300 units, according to the San Francisco Business Times. Decron President and CEO David Nagel told the SFBT his company is looking for assets surrounding San Francisco, but not inside San Francisco. The company owns 6,800 apartment units and 1.7M SF of office in California.
“We were attracted to this investment because of the diversity and runway of the demand drivers that exist there,” Nagel said in a statement. “With its central location and wonderful lifestyle, Emeryville reminds us of Culver City in Southern California. It truly reflects a great place to live.”
Decron plans to complete a renovation program started by the seller, which included interior upgrades to 126 of the units featuring black/stainless steel appliances, quartz countertops, tile backsplash, new cabinet doors and drawers and upgraded lighting.
Additional upgrades to the common areas will be completed, such as complementing the recently added dog park with a pet-washing station, new landscape and hardscape improvements at the pool area and a renovated fitness center and clubhouse. Following the renovation, the new owner expects Bridgecourt will be able to compete with newer Class-A properties in the area.
Built in 1998, the four-building complex is at 1325 40th St. The complex offers a mix of one- and two-bedroom units, ranging from 554 SF to 1,179 SF with an in-unit washer/dryer.
Bridgecourt has nearly 9K SF of ground-floor retail, which is 100% leased to GameStop, Verizon Wireless, Weight Watchers and East Bay Veterinary Clinic.
The complex is within walking distance of the MacArthur BART station and Emeryville Amtrak station and is near large employers such as Pixar, Peet’s Coffee & Tea, LeapFrog Enterprises, MobiTV, Pandora and Novartis. The property is adjacent to the East Bay Bridge Retail Center and close to the Public Market Emeryville redevelopment and Bay Street Emeryville.
