U.S. Decron Properties pays $85 mln for Willow Creek property asset

U.S.-based real estate developer Decron Properties has paid $85 million for Willow Creek, a 208-unit multifamily community in San Jose, California (CA).

With Willow Creek, Decron Properties’ portfolio now totals five properties and 858 units with an increasing annual investment activity to a $345 million.

Decron plans to undertake a significant capital improvement program, which will include upgrading unit interiors. Common area improvements will include renovating pool areas, the fitness centre, as well as new landscaping and exterior paint to enhance the curb appeal of the property.

Decron's other 2018 acquisitions include Bridgecourt, a 220-unit mixed-use community with apartments and ground floor retail in Emeryville, CA, which closed in January. In 2018, Decron's revenues are expected to exceed $200 million.