Decron Properties, a Los Angeles-based real estate investment, development and management firm, has recently acquired Margo at The Society in San Diego for $125.5 million. This luxury multifamily community consists of 240 units and is situated just off Hotel Circle.
This marks Decron’s second acquisition in the thriving San Diego market since its purchase of The Avenue at Carlsbad in 2015 for $112 million. With plans to acquire an additional 500 to 1,000 units within the next two years, Decron is making a strong presence known in San Diego County.
The purchase was made possible through a successful 1031 exchange where Decron sold two properties located in Thousand Oaks for a total of $171.5 million and reinvested some funds into Margo at The Society. As part of this exchange process, Decron is actively seeking other trades to complete their portfolio reshuffle.
Margo at The Society opened its doors last year and sits on Del Sol Drive as part of a mixed-use development that includes four multifamily communities surrounded by various hotel accommodations as well as retail shops and dining options all within walking distance from the property itself.
According to David Nagel CEO of Decron Properties: “San Diego stands out among California markets with its impressive growth driven by tech companies along with healthcare industries.”
