June 8, 2017 Comments Off on IPA Completes Complex $193M Direct Exchange Views: 465 Bay Area, California News

IPA Completes Complex $193M Direct Exchange

Los Angeles-based Decron Properties has traded a 264-unit multifamily property in Sacramento, CA and cash to Walnut Creek, CA-based Sequoia Equities in a direct exchange for a two-property 504-unit apartment portfolio in Simi Valley, CA in a transaction valued at $193 million.

Decron’s Daniel Nagel says, “A direct exchange is highly unusual and had never been executed by either Decron or Sequoia, and a lot of pieces needed to fall into place in order for this transaction to occur.”

Decron acquired the 372-unit The Villas (pictured) and the 132-unit Overlook located on Country Club Drive in Simi Valley’s 4,000-acre master-planned community of Wood Ranch.

Sequoia took title to Broadstone at Strawberry Creek, a 264-unit gated apartment community in Sacramento’s Elk Creek suburb. Broadstone was Decron’s first NorCal investment, acquired in June 2012.

IPA’s Stan Jones, Philip Saglimbeni, Salvatore Saglimbeni, Gregory Harris, Kevin Green, and Joseph Grabiec represented both parties in the complex transaction.

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